Freehold - For Sale. On the instructions of: JA Pitt and BJN Moon Joint Fixed Charge Receivers

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1 BNP Paribas Real Estate 5 Aldermanbury Square London EC2V 7BP On the instructions of: JA Pitt and BJN Moon Joint Fixed Charge Receivers Freehold - For Sale Garden Squares East, Dickens Heath Village, Solihull B90 1UD Outstanding residential development opportunity with Planning Permission for 132 Dwellings 1.02 ha (2.52 acres) March 2012

2 Background We are delighted to offer the final phase of the award winning Dickens Heath development for sale on behalf of JA Pitt & BJN Moon of BNP Paribas Real Estate acting as Joint Fixed Charge Receivers. The property benefits from Planning Permission for 132 units and as such presents an excellent residential development opportunity. Location Source: Promap The Property is located in the heart of the multi award winning Dickens Heath Village Centre development in the area of Solihull in the West Midlands. Dickens Heath is located approximately 4 miles (6.4km) to the south west of Solihull town centre and 8.5 miles (13.7km) to the south east of Birmingham City Centre. The Stratford Upon Avon Canal runs close to the site and there is a large amount of countryside located to the south. The nearest national rail station is Whitlocks End located approximately 1.2 miles (1.9km) to the north west. It provides a direct service to Birmingham Moor Street in approximately 17 minutes. Dickens Heath is well connected to the M42 with Junction 4 located 3 miles (4.8km) to the east, which can be reached via the B4102 and the A34. The property is conveniently located only 11.2 miles (18km) away from Birmingham International Airport.

3 Description and Context The total site area being offered for sale extends to 1.02 ha (2.52 acres) and forms the final phase of the Dickens Heath development. Construction began at Dickens Heath in August 1997 and when fully complete the development will deliver 1,672 dwellings, a school, medical centre, nature reserve and a village centre. The property comprises three distinct parcels of land: Parcel 3 Parcel 2 Parcel 1 Parcel 1 (Garden Squares East) Parcel 1 extends to approximately 0.74 ha (1.83 acres) and is broadly triangular in shape. Parcel 1 is consented under Planning Permission reference number 2011/952 for 114 dwellings and is referenced within the planning documentation as Garden Squares East. Parcel 1 has been constructed to basement level and includes foundations and a basement car park. The car park can be accessed from Ascote Lane at the north of the site. Following the completion of the basement car park, construction ceased and has not been recommenced. The Receivers have requested a quotation to provide a warranty for the constructed basement car park. This quotation can be found within the Information Pack. Parcel 2 (Building 7a and Surface Car Park) Parcel 2 extends to approximately 0.25 ha (0.63 acres) and is broadly triangular in shape. Parcel 2 is referred to within the planning documentation as Building 7a and has permission for 6 apartments and 68 surface car parking spaces. Parcel 2 is consented under the planning permission reference number 2011/952. The car parking element of Parcel 2 has been constructed however construction of Building 7a has not been commenced.

4 Parcel 3 (Building 2a) Parcel 3 consists of Building 2a which extends to 0.03 hectare (0.07 acre) and is broadly square. Parcel 3 is referred to within the planning documentation as Building 2a and has planning permission for 12 apartments. Parcel 3 falls within planning permission reference number 2002/2475. Unit Mix Parcel Unit Number (as referenced in planning documentation) 1 Bedroom Apartment 2 Bedroom Apartment 3 Bedroom Apartment 3 Bedroom House Total Parcel 1 Building Parcel 1 Building Parcel 1 Building Parcel 1 Building Parcel 1 Building Parcel 1 Building Parcel 2 Building 7a Parcel 3 Building 2a Unspecified Unspecified Unspecified 0 12 Parcels 1, 2 and 3 Total Town Planning The property is located within the jurisdiction of Solihull Metropolitan Borough Council. The Development Plan for the Borough consists of the Solihull Unitary Development Plan (UDP) (adopted February 2006, saved February 2009). The property is not located within a Conservation Area and contains no Tree Preservation Orders, Heritage or Locally Listed Buildings. The site is allocated as a new housing site (Policy H1/1.11) (previously designated as green field land). Part of the site is allocated as a town centre, there are highway improvements through the site (Policy T12/7) and there is greenbelt land surrounding the site. Outline Planning Permission for Dickens Heath Village Outline Planning Permission for the wider Dickens Heath Village Centre was granted in 2003 (Planning Reference Number 2002/2475) for the construction of a new build development consisting of mixed housing, retail, commercial, community buildings and associated infrastructure. We understand that the majority of the Village Centre has been developed out in accordance with this Planning Permission. We have received correspondence from the Case Officer at Solihull Metropolitan Borough Council who has advised that they are not aware of any outstanding Section 106 or Section 278 payments. Parcel 1 & 2 Permission was granted in 2011 (Reference number 2011/952) for the variation of condition 33 of planning application 2002/2475 to allow changes to the approved plans relating to the undeveloped areas of Garden Court. These changes involved changing the proposed retail/office/wine bar (contained within the ground floor of buildings 7a and 8 and the whole of building 21) to residential units; the internal reconfiguration of floor space within buildings to create additional residential units (to provide a total of 118 units instead of the proposed 94); and associated amendments to elevations and car parking. Please note that although the decision notice makes reference to 118 residential units being consented the approved drawings show that 114 units will be provided within

5 Garden Squares East with an additional 6 units provided within Building 7a; this has been confirmed the by Case Officer. A detailed schedule of units can be found above. Under condition 25 of the permission, at least 25% of the additionally created 24 units are to be provided as Affordable Housing and these units are to be of a Shared Ownership tenure. The Planning Statement which accompanied the application for the variation of condition 33 allocates the 6 units in Building 7a as Affordable Housing. Parcels 1 & 2 fall within the variation of condition 33 permission and details can be found under reference number 2011/952. Parcel 3 The Planning Permission for Building 2a is contained within reference number 2002/2475. Building 2a is to provide 12 units, however, the Local Authority do not have an approved plan for this building and therefore the developer will be required to submit a plan in advance of construction. This plan must contain 12 units of a mix and size to be determined. The Planning Statement supporting the variation of condition application (Reference 2011/952) makes reference to Affordable Housing being provided within Building 2a although the tenure is not known. Please note that neither the decision notice for 2002/2475 nor the Section 106 agreement make reference to an affordable housing provision in this building. The above Affordable Housing position is the informal view of BNP Paribas Real Estate, based on a review of the planning application documents available in the public domain and has not been confirmed by Solihull Metropolitan Borough Council. Potential purchasers are advised that they should make their own enquiries with the Local Authority in order to satisfy themselves in this regard. Planning information and correspondence with the Case Officer can be found within the Information Pack. Title The property edged red on the attached Ordnance Survey extract is being offered for sale freehold. The property is held under title number WM The previous phases of development are managed by the Dickens Heath Management Company. Prospective purchasers will have the option of joining the existing Management Company. Further Title Information can be found on the Information Pack. Services We understand that mains services are connected to the site, although we advise that these have not been checked by BNP Paribas Real Estate. We would recommend that prospective purchasers confirm the availability of services for their own proposals with the appropriate statutory undertaker. We have not tested any of the service installations and provide no warranties as to their condition.

6 Method of Sale Best offers for the freehold interest are invited for the property by Informal Tender. We are seeking a 10% deposit on exchange of contracts with the remaining sum payable on completion. Offers must be submitted in a plain envelope marked only Dickens Heath Tender July 2012 and addressed to: Julian Gaynor BNP Paribas Real Estate 5 Aldermanbury Square London EC2V 7BP Offers are to be received no later than 12 noon on 20 July The vendor does not undertake to accept the highest nor any offer. Offers submitted by fax or may not be considered. Please note the Receivers will not be replying to standard pre-contract enquiries and bidders should therefore rely on their own investigations. Prospective purchasers are required when submitting offers to: State the name of their solicitors; Provide financial evidence of their ability to complete the purchase; Confirm that they have read and taken account of the Information Pack. Where an offer is made by an agent it must be accompanied by a letter from the principal outlining and confirming the basis of the offer made. Further Information An Information Pack is available on request and contains the following documents: 1) Title Information 2) Site Plan 3) Aerial Photograph 4) Planning Application Documents, Correspondence and Decision Notice 5) Basement Car Park Warranty Quotation 6) New Homes Sales & Marketing Report The Receivers cannot warrant the accuracy of the information referred to above; it is the responsibility of prospective purchasers to make their own enquires. Viewing Arrangements Pre-arranged viewing days will be conducted at the property by BNP Paribas Real Estate. Alternatively the Property can be viewed from the road. For further information or to register your attendance for a viewing day please contact: Alexa Baden-Powell Julian Gaynor Alexa.baden-powell@bnpparibas.com Julian.gaynor@bnpparibas.com Rachel Styles Carole Taylor Rachel.styles@bnpparibas.com Carole.taylor@bnpparibas.com Particulars Compiled May 2012

7 Garden Squares East, Dickens Heath Village, Solihull B90 1UD Source: Promap For indicative purposes only