Summary
Freehold Office property with conversion potential and additional parking
Investment Summary
• The former Carillion headquarters office building is prominently located in Wolverhampton city centre, overlooking the Chapel Ash Island on the Wolverhampton Ring Road (A4150)
• The property is well connected - the A4150 dual carriageway provides direct access to the main site entrance via Salop Street
• Situated in close proximity to Wolverhampton’s principal city centre business, retail and leisure offer
• Main site – comprising a detached office building extending to circa 37,388 sq ft , arranged over ground and five upper floors, with 32 car parking spaces, and site area of 0.65 acres
• Additional site – comprising a secure surface car park, with 58 spaces, and site area of 0.46 acres. The site is some 250 metres south west of the property fronting Stephenson Street adjacent to Sainsbury’s supermarket
• The building provides open plan accommodation and would suit occupation as a whole, on a floor by floor or part floor basis
• Comprehensively refurbished in 2015
• 90 car parking spaces provide a favourable parking ratio of 1:415 sq ft
• The property’s open plan layout would suit conversion to a variety of alternative uses, including residential, hotel and student accommodation, subject to planning
• Additional site fronting Stephenson Street provides development potential for a variety of alternative uses, subject to planning
• The property is let Carillion Construction Limited until 15 April 2030, at a rent of £437,405 per annum. Carillion entered into compulsory liquidation on 15 January 2018 and PwC have been appointed as liquidators
• Freehold and due to be available with vacant possession, following Carillion’s ongoing liquidation. The building is still currently occupied and PwC have paid the March quarters rent in full
Proposal
We are instructed to seek offers in excess of £3,000,000 subject to contract and exclusive of VAT. A purchase at this level reflects a low capital value of £80.24 per sq ft, assuming standard purchaser costs.