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Stalled Sunbeam factory to restart residential conversion

03 09 21 Stalled Sunbeam factory to restart residential conversion hero

Plans to convert the former Sunbeam motorcycle factory in Wolverhampton can restart following the site’s sale to Paragon Living Space.


The landmark 150,000 sq ft site which has been partially converted into residential apartments has been sold by commercial real estate specialists Colliers for £7.5million on behalf of administrators at Quantuma and Receivers at FRP Advisory. Paragon specialises in the delivery of social and public sector housing in Wolverhampton.

The site has full planning consent for conversion to 117 residential units, although only 35 were completed before it fell into administration. The former factory sits within 2.1 acres of land and occupies a gateway position off Wolverhampton Ring Road. The approved development also has a central courtyard, landscaped community hub and games room for residents alongside 112 parking spaces.

Paragon Living Space plan to reassess the planning application with the local authority to ensure its viability.

Robbie Hubball from Paragon said: “We’re excited that we’ve been able purchase this site which is iconic and has been stalled for so long. There are already some great properties completed in the site and we’re looking forward to updating the plans and creating a real community for the area.”

The development is located only one mile from Wolverhampton Railway Station and within a 10-15 minute walk from the city centre and university. Wolverhampton is a young and vibrant city currently benefiting from £3.7bn of inward investment.

Simon Campbell, managing director of Quantuma, said: “We were never in doubt that a new developer could be found to take on this project. We’re pleased that soon the uncertainty of the past few years will be resolved for those already living on site.” 

Nick Hammond, head of Advisory & Restructuring at Colliers, added: “It’s great that the rejuvenation of this building can now get back underway after what has been a challenging period in its impressive history. Paragon has a strong interest in making the site work for the existing and future residents and I wish them luck in their endeavours.”

Peter Fenwick & Co, specialist insolvency surveyors, provided the initial exit options and marketing strategy recommendation while Lambert Smith Hampton advised Paragon Living Space on the acquisition.

Richard Durkin, director at Lambert Smith Hampton, commented: “The acquisition represents a very exciting moment for the City of Wolverhampton; having spent considerable time at the property and looking at Paragon’s plans to complete the development I am convinced that it offers an amazing opportunity to create a significant number of good quality contemporary homes which benefit from unrivalled outdoor space offered by the central courtyard."

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Nick Hammond

Head of Advisory & Restructuring

Advisory & Restructuring

Birmingham

I am a Director and Head of the Advisory & Restructuring team at Colliers, which provides real estate restructuring, turnaround and insolvency services to lenders, investors, business management teams and practitioners across all UK property sectors.

We specialise in providing effective, practical solutions to complex situations – integrating real estate valuation, strategy and disposal services with in-depth market knowledge to help key stakeholders assess value, identify opportunities, mitigate risk and release capital.

By working closely with the wider Colliers platform and local sector experts across core and alternative markets, we quickly adapt to and evaluate a wide range of property sectors and locations throughout the UK – including residential, retail, licensed & leisure, hotels, healthcare, automotive, office and industrial.

We are passionate about providing effective advisory and restructuring services to businesses, their lenders and investors – combining our restructuring experience with full-service real estate expertise to ensure that every project is delivered in a dynamic, tailored way to achieve consistent and efficient results.

My role includes: 

  • advising lenders and investors on non-performing loans and facility covenant breaches – acting consensually or via appointment as LPA / Fixed Charge Receiver; 
  • working with business and asset managers to help evaluate and reorganise real estate portfolios – including occupied estates, trading assets and investments; and
  • acting for financial consultants and Insolvency Practitioners to assist with corporate restructuring and insolvency – helping to assess value, mitigate risk and maximise returns.

I am a Chartered Surveyor, RICS Registered Valuer, APC Assessor and LPA / Fixed Charge Receiver.

Having worked throughout the real estate cycle since 2007, I have a breadth and depth of experience in property valuation, lease advisory and restructuring.  Prior to this, I studied Real Estate Management and International Banking & Finance at Nottingham Trent University and Nottingham Business School. I also have experience in sales and running a small business.

Outside of work, I enjoy keeping fit, spending time with family & friends and supporting local small & independent businesses, particularly in the food and leisure sectors.

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Kim Inam

PR Manager

Marketing & Communications

London - West End

I'm a communications professional who has previously worked as a journalist for eight years covering a broad range of topics including politics, crime, health and housing in north London. In recent years I have worked in corporate communications for local authorities across London  and joined Colliers in October 2019, initially providing maternity leave cover.

I provide strategic public relations advice to various business lines within the UK organisation to secure recognition for their work in the property press as well as key target media, and work with our experts to produce thought leadership pieces which are of interest to our clients and colleagues within the commercial real estate sector. In addition, alongside colleagues in the PR and wider communications team, I provide media and social media training for our in-house experts to prepare them for media opportunities and raise their personal brand within the sector.

As well as supporting various teams within the UK business, I also I curate and edit regular content for the Colliers.com blog, which drives credible business leads to our experts.

 

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