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120 Vallance Road & 2-4 Hemming Street, London E1

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120 Vallance Road & 2-4 Hemming Street, London E1 120 Vallance Road & 2-4 Hemming Street, London E1 120 Vallance Road & 2-4 Hemming Street, London E1 East London / City Fringe Residential Led Development Opportunity CGI of proposed scheme from Hemming Street 120 Vallance Road & 2-4 Hemming Street, London E1 Summary • Residential-led development opportunity located between Shoreditch, Bethnal Green and Whitechapel in East London. • A partially occupied site extending to 0.39 hectares (0.96 acres). • Resolution to grant planning permission for demolition of the existing buildings and construction of two buildings to provide 144 residential apartments (107 private, 12 intermediate and 25 affordable rent tenure) extending to 9,320 sq m (100,320 sq ft) NSA, and 1,216 sq m (13,084 sq ft) GIA commercial space. • Approximately 1 km from Shoreditch High Street, and 0.5 km from Bethnal Green London Overground Stations. 0.65 km from Whitechapel London Underground Station, which will provide Elizabeth Line (Crossrail) services. • For sale freehold with vacant possession. Location The site is situated in a prime East London location, with Park approximately 2 kilometres (1.2 miles) to the north east. Shoreditch to the west, Bethnal Green to the north and The site has very good access to transport links to The Whitechapel to the south. Liverpool Street Station and City, West End and Canary Wharf, sitting between the City of London are in walking distance of the site, Shoreditch High Street, Whitechapel and Bethnal Green approximately 1.7 kilometres (1 mile) to the south west. Stations. Whitechapel London Underground and The surrounding area has undergone extensive Overground Station is approximately 650 metres to the regeneration over the last 10 years and now has a well south and provides District and Hammersmith & City Line established vibrant art and fashion community and services to Liverpool Street (6 minutes), King’s Cross St benefits from extensive cultural amenities. Brick Lane, a Pancras International (14 minutes), Victoria (19 minutes) or conservation area and tourist hot-spot renowned for its Baker Street (20 minutes) (source: tfl.gov.uk). The Elizabeth numerous restaurants and art galleries, is 500 metres to Line (Crossrail) is planned to open in December 2018 at the east. Together with Cheshire Street (approximately Whitechapel Station, and will provide direct services 140 metres to the north of site), Brick Lane hosts one of the to Canary Wharf (3 minutes), Bond Street (10 minutes) largest weekly food and flea markets in London. Further and Heathrow (38 minutes) by December 2019 (source: amenities and convenience retailers are located 500 crossrail.co.uk). Bethnal Green London Overground metres to the north of the site along Bethnal Green Road Station is also located approximately 500 metres (0.3 or 500 metres to the south on Whitechapel Road. The miles) to the east and provides services to Liverpool extensive retail, leisure and cultural offer at Spitalfields Street (6 minutes) (source: tfl.gov.uk). Market is c.750 metres (0.5 miles) to the east. The D3 bus operates immediately outside of the site on Open space is provided locally by Weavers Fields Vallance Road and provides services to Canary Wharf. public park approximately 200 metres to the north of Several other bus routes also operate along Bethnal the site and Bethnal Green Gardens approximately 800 Green Road and Whitechapel Road. A Santander metres to the north east. Additionally, more extensive Docking Cycle Station is located immediately to the south open space is provided by Victoria Park and Mile End of the site on Selby Street. NOTE:- Reproduced from the Ordnance Survey100022432 SavillsMap (UK)with Ltd.NOTE:- Publishedthe for thepermission purposes of identification of theonly and althoughController believed to ofbe correctH.M. accuracyStationery is not guaranteed. Office.© Crown copyright licence number 120 Vallance Road & 2-4 Hemming Street, London E1 Description and Situation The property comprises two broadly rectangular plots split by Hemming Street, known as 120 Vallance Road and 2-4 Hemming Street. Together they extend to approximately 0.39 hectares (0.96 acres). The existing 120 Vallance Road site is occupied by a part single and part two-storey industrial / commercial building which has been vacant since September 2014 (Class B1b and B1c). The 2-4 Hemming Street site is occupied by a two storey building which is used as a workshop with ancillary offices (Class B1b and B1c). The area immediately surrounding the site is predominantly residential, with houses bordering the property to the west and east. To the south there are further light industrial buildings which have been approved for residential redevelopment. To the north of the western Vallance Road plot there is an open yard used to store cars, with a London Overground railway viaduct and Weavers Fields public park beyond. Boxpark, Shoreditch Brick Lane market NOTE:- Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office.© Crown copyright licence number 100022432 Savills (UK) Ltd.NOTE:- Published for the purposes of identification only and although believed to be correct accuracy is not guaranteed. 120 Vallance Road & 2-4 Hemming Street, London E1 The Shard Heron Tower (110 Bishopsgate) The ‘Walkie Talkie’ (20 Fenchurch Street) City Hall Liverpool Street Station The ‘Gherkin’ (30 St Mary Axe) Spitalfields Market Shoreditch High Street Station Brick Lane Whitechapel Station Weavers Fields Aerial View of the site looking South West 120 Vallance Road & 2-4 Hemming Street, London E1 Town Planning £120 per sq m for convenience supermarkets / superstores and retail VAT warehousing and nil for offices where the site is located. Mayoral CIL The property falls under the jurisdiction of the London Borough of in the Borough is currently set at £35 per sq m. CIL rates are subject to The property is not elected for VAT. Tower Hamlets. The site is not located in a Conservation area and indexation. there are no locally or statutory listed buildings on or neighbouring Summary Residential Accommodation the property. Proposed Development Studio 1 Bed 2 Bed 3 Bed Total A resolution to grant planning permission was passed on 12 April 2016 The proposals comprise a mixed use scheme providing 144 Private Sale 28 31 34 14 107 (Ref: PA/15/01231) for: residential apartments alongside office and retail accommodation. Shared Ownership 0 3 6 3 12 The scheme is provided over two buildings, which both increase Affordable Rent 0 7 5 13 25 “Demolition of existing buildings at 120 Vallance Road and 2-4 progressively in height towards the northern end of each plot, Total 28 41 45 30 144 Hemming Street and erection of two buildings to provide 1,311 sq maximising views over Weavers Fields. Amenity space is provided m (GEA) of commercial space, 144 residential units and new public by communal roof gardens on both buildings, private balconies and Residential NSA realm, landscaped amenity space, cycle parking and all associated gardens. works”. Sq M Sq Ft The proposed Vallance Road building will range in height from 8 to 10 Private Sale 6,366 68,523 There is potential to seek amendments to the scheme and provide storeys, with commercial uses at the basement and ground floor and Shared Ownership 881 9,483 additional floorspace. The applicants planning consultants have private residential apartments above. The units on the western side of Affordable Rent 2,073 22,314 the block will benefit from views of the City skyline. The commercial provided a supporting statement and the corresponding drawings Total 9,320 100,320 for a 12 storey scheme are available on the dataroom. element of the scheme is flexible A1, A3 and B1 retail / business use Class in order to accommodate a range of potential end users. Summary Commercial Accommodation Section 106 and CIL A condition attached to the resolution to grant restricts the total quantum of retail provision to no more than 500 sq m (5,382 sq ft), and Commercial NIA The Section 106 Agreement and CIL liability linked to the permission states that no individual retail unit should exceed 100 sqm (1,076 sq ft). is currently being finalised. The current draft Section 106 contains Sq M Sq Ft Basement Unit 737 7,933 obligations requiring payment of financial contributions totalling The Hemming Street building will be 5 to 8 storeys in height, and £96,092.75. provides residential accommodation only. The building will contain Core A1 Unit 198 2,126 the affordable housing element of the scheme, with the affordable Core A2 Unit 281 3,025 The London Borough of Tower Hamlets adopted their Community rented tenure units accessed via the southern core (known as C) and Total 1,216 13,084 Infrastructure Levy Charging Schedule in April 2015, which is set at the market and intermediate tenure apartments via the northern core £65 per sq m for residential development, £70 per sq m for retail, (known as B). Summary GIA Schedule 120 Vallance Road Sq M Sq Ft Basement 1,138 12,249 Core A1 3,931 42,308 Core A2 3,887 41,838 Total 8,955 96,395 2-4 Hemming Street Sq M Sq Ft Core B 2,260 24,326 Core C 2,562 27,580 CGI of proposed scheme from Vallance Road CGI of proposed scheme from Hemming Street Total 4,822 51,906 120 Vallance Road & 2-4 Hemming Street, London E1 East London / City Fringe Residential Led Development Opportunity Method of Sale and Tenure The property is for sale freehold, with vacant possession, and will The O2 Centre be sold by way of informal tender (unless sold prior). One Canada Square (Canary Wharf) Further Information Mile End Park Further information, including a full legal pack, can be found on the following website: Stepney Green www.savills.com/vallanceroad Stepney Green Station Viewings The site can be viewed from the public highway.
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