The Square

Location

Birmingham is the second largest city in the UK with a population of over 1.1 million. The city has the strongest economy outside of London, worth over £24.8bn, and is the youngest and fastest growing regional city in the UK. The city is located at the heart of the UK’s motorway and rail network with over half of the UK’s population living within a 2 hour drive time. The motorways M6, M42, M54 and M5 service Birmingham from all directions and the city benefits from three mainline stations with Birmingham New Street being the busiest station outside of London. The current rail journey time to London is 1 hr 20 mins which will decrease to less than 45 minutes when the HS2 rail network is complete.

Situation

The Square is situated in a highly prominent position on Broad Street in Birmingham city centre. The immediate surrounding area provides a vibrant and growing leisure, retail, residential and commercial offering. Brindleyplace is less than a 5 minute walk with the city centre’s retail core (including the Bull Ring and Grand Central shopping centres), together with New Street train station, within a 22 minute walk. Five Ways train station, which provides connections to The University of Birmingham is an 8 minute walk to the south. The property is also situated a short distance from the affluent Edgbaston estate which offers a range of high quality bars, restaurants and leisure amenities. Birmingham city centre, and in particular Broad Street, has been the focus of significant recent investment. A number of highdensity schemes have completed, are under construction or in the development pipeline within the immediate vicinity;

1. Seven Capital – 1 Hagley Road (conversion) – 270 units – 20 storeys (complete)
2. Seven Capital – Broadway Residences – 214 units – 10 storeys (complete)
3. Seven Capital – St Martin’s Place – 228 units – 17 storeys (under construction, estimated completion Q2 2021)
4. Seven Capital – Landsdowne House – 206 units – 16 storeys (complete)
5. Regal – The Bank – 394 units – 31 storeys (first 21 storey tower complete, second under construction, estimated completion Q3 2019)
6. Moda Living – 2one2 – 481 units – 42 storeys (proposed, earliest estimated completion Q3 2020)
7. Court Collaboration – William Street – 230 – 7 storeys (under construction, estimated completion Q3 2019)

City Centre Regeneration

Substantial investment and a number of large-scale infrastructure projects are promoting significant economic growth within Birmingham. Recent investment is set to dramatically increase the number of jobs, facilities for transport across the city and fuel further need for new residential and mixed-use development in the city.

Arena Central

Arena Central is set to deliver over 1.2million sq ft of mixeduse development, in conjunction with landscaped public open space. The scheme will deliver a highly accessible centre for work, leisure and retail, within a 5-minute walk of the property. To date, the project has delivered a 250 bedroom Holiday Inn Express, 323 residential apartments and 210,000 sq ft of office accommodation comprising HSBC’s new UK headquarters.

Paradise

Situated adjacent to Arena Central, the scheme is set to deliver 1.8million sq ft of grade A office space, retail, leisure and a 250 bed hotel. PwC has agreed a pre-let of the 7-storey building at One Chamberlain Square. Comprising 172,000 sq ft of office accommodation, the building will host 1,400 PwC employees by the end of this year.

Birmingham Smithfield

Set to deliver over 3.2million sq ft of mixed use development, including 2,000 homes, with an investment value of over £1.5 billion. Smithfield is situated in close proximity to Birmingham New Street station and the city’s main retail centres. Birmingham City Council has recently named Lendlease as its development partner, with the terms of the partnership agreement expected to be finalised this year. Formal project commencement is expected in 2022.

West Midlands Metro

The West Midlands Metro tram system is currently undergoing a significant expansion programme with £1.3bn investment tripling the size of the existing network. The next phase of the expansion programme will further extend the Metro from Centenary Square, along Broad Street to Hagley Road in Edgbaston (just west of Five Ways), featuring intermediate stops at Brindleyplace and Five Ways.

HS2

As one of Europe’s largest infrastructure projects, HS2 will provide over 36,000 jobs and £1bn in regeneration for the Eastside area of Birmingham. When operational, the project will aid to reduce journey times between Birmingham and London to less than 45 minutes.

Commonwealth Games

Birmingham has been successfully identified to host the Commonwealth Games in 2022. The city is developing an Athletes Village at Perry Barr to accommodate over 6,500
athletes and officials. After the games, the Village is set for conversion to a mixed-tenure residential scheme comprising 1,400 homes.

Description

The existing building provides office accommodation extending to c. 55,115 sq ft. The building is arranged around a central courtyard and comprises 14 terraced blocks varying from 3 to 4 storeys. The overall site extends to approximately 1.7 acres, is broadly rectangular in shape and reasonably level.

Redevelopment Proposal

Planning overview to be completed by Avison Young. Reference to PDR.

Tenure

The property will be sold with the benefit of a new 250-year lease. A draft copy of the new lease is included within the data room.

Viewings

The property will be sold with the benefit of a new 250-year lease. A draft copy of the new lease is included within the data room.

Data Room

Access to the data room is available on request from the joint selling agents. The data room includes a planning policy review, existing floorplans, asbestos register, title documentation, details relating to PDR prior approval, draft lease and a bid proforma.

Offers

Offers are to be submitted using the bid proforma that is available within the data room. The bid proforma, together with any supporting information, is to be sent to richard.roberts@hld-uk.com, lucinda.hancock@avisonyoung.com and william.cox@eu.jll.com by no later than 12 noon June TBC.