LEATHAMS, 227-255 ILDERTON ROAD South Bermondsey, London SE15 1NS

Landmark Consented Mixed Use Development Opportunity

View of consented scheme from Sharratt Street (Source: Maccreanor Lavington) Leathams, 227-255 Ilderton Road Southwark, London SE15 1NS 2

OPPORTUNITY SUMMARY DESCRIPTION • Landmark mixed use development The site is broadly rectangular in shape and extends to approximately 0.39 hectares (0.96) acres. It is currently occupied by opportunity in South Bermondsey within a three storey industrial warehouse (use class B1 and B8) and used as an industrial food storage and distribution centre (B8) with ancillary office space (B1). The internal area extends to approximately 2,529 sqm (27,222 sq ft) GIA and the two external London Borough of Southwark. loading yards extend to approximately 874 sqm (9,408 sq ft). • 0.39 hectare (0.96) acre site. The table below sets out the existing area schedule:

• Existing site comprises an industrial EXISTING INDUSTRIAL SPACE GIA (SQM) GIA (SQ FT) warehouse building with two loading yards Storage (B8) 2,005 21,582 extending to approximately 3,403 (sqm) Ancillary Offices (B1) 523 5,630 36,630 sq ft GIA occupied by Leathams Total Workspace 2,529 27,222 Food Distribution business. Covered loading yard 730 7,858 • Located 800 metres (0.5 miles) south External Plant 144 1,550 of South Bermondsey Overground Total Site Area 3,403 36,630 station, providing regular services to Source: Design & Access Statement Maccreanor Lavington London Bridge (5 minutes), and the wider Underground Network (Northern Line and Jubilee line). • New Bermondsey Overground station scheduled for completion in 2025 located 400 metres to the east of site. – Detailed planning permission secured for a mixed use development comprising: 2,538 sqm (27,318 sq ft) GIA of industrial floor space (Use Classes B1c / E / B8) – 253 residential units across two buildings: 177 Private, 18 Shared Ownership & 58 Social Rent tenure. – Planning reference 19/AP/1773. • For sale freehold. • The sale will be conditional upon vacant possession anticipated for Q4 2021.

CGI of internal courtyard at podium level (Source: Maccreanor Lavington) Leathams, 227-255 Ilderton Road Southwark, London SE15 1NS 3

40 4.6m 1 Ilderton Wharf Rollins Wharf FB (Builders Yard)

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Works 52 LOCATION 1

The site is situated in south London, within the London Borough of Southwark, an area 2 17 undergoing significant regeneration. A site immediately opposite is under construction for 84 new build residential units with employment re-provision at ground floor level. Hatcham Road Industrial Estate lies further to the west of the site and to the east there is a low rise existing

residential neighbourhood. The site is close to Millwall Stadium which has 30 acre regeneration

22 22

proposals including 3,500 new homes across multiple towers, a new commercial district, an 3

to 5 800 person auditorium, GP surgery and 1,000 seater basketball stadium for London ThunderStable Ho use basketall team. FB 1 1.7m The site benefits from significantly improving transport links shown in more detail on the Rollins Street 2.0m next page. It is 800 metres (0.5 miles) south of South Bermondsey Overground station, CF Chimney with regular services to London Bridge (5 minutes), which provides an interchange to the El Underground Network (Northern Line and Jubilee line) connecting into City of London, SL Sub Boiler Canary Wharf & West End. Sta House

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New Bermondsey Regeneration 1 Permission for c.3,500 new homes SHARRATT STREET Sharratt Street FB 180 Ilderton Road 2.3m 84 new homes

under construction

D OA Ormside Street 202

CF 56 new homes R N

permission secured TO Saorise

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o 12 Site plan produced on Promap

e NOTE:-Wo Reproducedrks from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office. © Crown copyright licencee

number 10002243212 Savills (UK) Ltd. NOTE:- Published for the purposes of identification only and although believed to be correct accuracy is 2

CW not guaranteed. ve

0m 10m 20m 30m l

Shoreditch Green B120 CHARLES DICKENS MUSEUM High Street B135 A1205

Russell Square Stepney Green B108 Barbican Whitechapel B140 THE BRITISH Farringdon Stepney Green MUSEUM Moorgate Liverpool Street B140 Chancery Lane Holborn WHITECHAPEL GALLERY Aldgate East

ST PAUL’S CATHEDRAL Chrisp St City Thameslink WHITECHAPEL B125

B121 Covent Garden Aldgate CITY OF B108 Limehouse POPLAR NewhamLEAMOUTH Way Temple Blackfriars LONDON Shadwell Fenchurch St TOWER OF River Thames Embankment LONDON Wapping Ln TOWER BRIDGE A3200 THE SHARD A3200 River Thames Salter Rd London Bridge Wapping Canary Wharf

Wapping High St A1206 THE O2 Waterloo SOUTHWARKLeathams, 227-255 Ilderton Road Southwark, London SE15 1NS 4 Waterloo East Bethnal CLERKENWELL Green North Waterloo Rd Bethnal

Shoreditch Green CHARLES DICKENS MUSEUM B120 Rotherhithe High Street B135 Marsh Wall Greenwich Southwark A1205

Russell Square Stepney LONDON SOUTH Green PROPOSED INFRASTRUCTURE IMPROVEMENTB108 Lambeth BANK UNIVERSITY Barbican A200 Whitechapel New Bermondsey Overground Station Bakerloo Line Extension B140 THE BRITISH Farringdon Stepney Green Canada Water North MUSEUM Bermondsey • London Overground (orange line) connecting intoMoorgate the widerLiverpool underground Street network at • Connecting the Old KentB140 Road to Waterloo and Lewisham Chancery Lane CanadaHolborn Water and Crossrail at Whitechapel WHITECHAPEL GALLERY• £3.5 billion project Aldgate • GLA secured £80m of HIF funding in August 2019 East Abbey St • Expected completion in 2035 River Thames A3036 ST PAUL’S CATHEDRAL Chrisp St City Thameslink WHITECHAPEL Lower Rd B125 • Upgrade to existing line with completion scheduled for January 2025 • Proposed station locationB121 is approximately 850 metres (0.5 miles) south west of the site Covent Garden Aldgate

B108 Limehouse CITY OF St James’s Rd B205 • New station is approximately 400 metres (0.3 miles) east of the site POPLAR NewhamLEAMOUTH Way ISLE OF DOGS Temple Blackfriars LONDON Shadwell Elephant & Castle Fenchurch St TOWER OF River Thames IMPERIAL WAR MUSEUM Embankment Tower Bridge Rd LONDON Wapping Ln TOWER BRIDGE A1206 A3200 THE SHARD A3200 River Thames Salter Rd London Bridge Wapping Canary Wharf

Southwark A1206 LAMBETH Wapping High St Surrey QuaysTHE O2 Elephant Waterloo SOUTHWARK Waterloo East A2206 Park

Waterloo Rd North & Castle Southwark Rotherhithe Marsh Wall Greenwich LONDON SOUTH A2206 Wahworth Rd Lambeth BANK UNIVERSITY A200 North Bermondsey Canada Water

Abbey St A3036 Lower Rd River Thames Mudchute Park St James’s Rd B205 ISLE OF DOGS Elephant & Castle and Farm IMPERIAL WAR MUSEUM B2208Tower Bridge Rd

A1206 LAMBETH Southwark Surrey Quays Elephant A2206 Park & Castle A2206 Wahworth Rd B207 Mudchute Park B2208 and Farm Thurlow St B204 B204 A2208 Thurlow St South A2208 Grove St Bermondsey Grove St

Old Kent Rd VAUXHALL Proposed BakerlooAlbany Rd Cooks Rd Line Extension New Old Kent Rd Bermondsey Burgess Park LEATHAMS Albany Rd Albany Rd Sanford St A200 VAUXHALL 400 metres

Camberwell Rd

St Lambeth Rd John Ruskin St B208 A2209 Cooks Rd

B207 Deptford Vassatt Rd Greenwich New Cross Rd New Cross B217 Burgess Park A202 Queens Road A206 Albany Rd Peckham Brixton Rd New Cross Gate Akerman Rd CAMBERWELL Peckham Rd Deptford Queen’s Rd Bridge Sanford St A200 Blackheath Hill Lewisham Way

A2214 Blackheath B218 KING’S COLLEGE HOSPITAL PECKHAM St Johns

Camberwell Rd

St Lambeth Rd John Ruskin St B208 A2209

B207 Deptford Vassatt Rd Greenwich New Cross Rd New Cross B217

A202

Queens Road A206 Peckham Brixton Rd New Cross Gate Akerman Rd CAMBERWELL Peckham Rd Deptford Queen’s Rd Bridge Blackheath Hill Lewisham Way

A2214 Blackheath B218 KING’S COLLEGE HOSPITAL PECKHAM St Johns Leathams, 227-255 Ilderton Road Southwark, London SE15 1NS 5

PLANNING FOR PLANNING The property falls within the jurisdiction of the London Co-Location consented ground floor plan layout © Maccreanor Lavington Ltd. Borough of Southwark. It is currently designated as Strategic

Industrial Land (“SIL”) albeit Southwark’s emerging Area 0 5m 15m Action Plan for the Old Kent Road seeks to transform the area into a high-density mixed-use location on the back of proposals for the Bakerloo Line Extension. It is not within a Conservation Area and is not statutorily or locally listed.

Detailed planning permission was secured with London Borough of Southwark at committee on 15th June 2020 Circ. Core under reference 19/AP/1773 for the following mixed-use Resi. LV SR development: Plant Cycles Bins

B1c “Demolition of existing buildings and the erection of a Bins part 2/3, 9 and 28 storey (up to 94.65m AOD) mixed-use B1c Affordable development comprising 2,538 sqm of industrial floorspace Resi. Heating Plant (Use Classes B1c/B8) at ground and intermediate levels and an internal loading yard; and 253 residential apartments (C3); Cycles and other associated infrastructure.”

B1c/B8 B1c/B8

Loading Yard

B1c/B8 Circ. Core Bins

Substation

Bulky Resi. LV SR Waste Plant Planning Submission GCF RI May 2019 Rev Details Drwn Chkd Date

77 Bastwick Street, t +44 (0)20 7336 7353 London, EC1V 3PZ e [email protected]

Client (Source: Maccreanor Lavington Architects) CGI of consented scheme from Ilderton RoadLeathams looking Property north Development Ltd. Project Leathams

Title: Level 00 Proposed Tenure Plan

Scale: 1 : 250 @ A1 / 1 : 500 @ A3 MLUK-655-A-P-XX-1090 -

Original printed at A1 Leathams, 227-255 Ilderton Road Southwark, London SE15 1NS 6

Shared Ownership Levels 2 & 3 THE PROPOSED Private Sale Units Levels 3 - 26 DEVELOPMENT Affordable Rent Levels 2 - 9 The consented scheme is one of London Ground & Mezzanine with covered service yard Borough of Southwark’s first purpose-built co-location uses comprising both residential and industrial uses located alongside each other in an area undergoing significant Level 27 92250.00 regeneration. Level 26 88500.00 The proposed scheme incorporates the Level 25 following key elements: 85350.00 Level 24 82200.00 • 253 residential apartments, of which there Level 23 78750.00 are: Level 22 • 177 private units (within a 28 storey 75600.00 Level 21 tower from ground) 72450.00 Level 20 • 18 intermediate units 69000.00 Level 19 • 58 social rent units 65850.00 Level 18 62700.00 • Residential amenity space including a Level 17 courtyard, play terrace, ecology terrace 59550.00 Level 16 and community room 56400.00 Level 15 53250.00 • 471 cycle parking spaces in total, of which Level 14 there are: 50100.00 Level 13 • 452 long-stay spaces and 6 short-stay 46950.00 Level 12 spaces for the residential units 43800.00 Level 11 • 10 long-stay and 3 short-stay spaces for 40650.00 the commercial units Level 10 37500.00 Level 09 • Industrial floor space (Use Classes B1c/B8), 34350.00 Level 08 of which there is: 31200.00 Level 07 • Industrial space (B1c/B8) 28050.00 • Affordable workspace Level 06 24600.00 • Internal covered loading yard Level 05 21450.00 • Plant Level 04 18300.00 Level 03 15150.00 Level 02 12000.00 Level 01 Mezz. 8L8e50ve.l 0001 7L1e25ve.l 0000 Mezz. 5550.00

Level 00 2250.00 Leathams, 227-255 Ilderton Road Southwark, London SE15 1NS 7

ACCOMMODATION SCHEDULE A schedule of the proposed accommodation by tenure is set out below:

TENURE UNITS NSA (SQM) NSA (SQ FT) GIA (SQM) GIA (SQ FT) Private 177 11,734 126,304 - - Shared Ownership 18 1,423 15,318 - - Social Rent 58 4,466 48,074 - - Residential Total 253 17,623 189,696 23,459 252,505 Main Industrial Space (B1c/B8) - - - 2,184 23,508 Affordable Workspace - - - 354 3,810 Internal Loading Yard - - - 598 6,437 Plant - - - 445 4,790 Covered Loading Yard Total - - - 3,581 38,544 Total - - - 27,039 291,049

Source: Maccreanor Lavington Architects

SECTION 106 The s106 has been agreed with the total indicative amount payable estimated at £1,568,384 to contribute to the following elements fo the scheme: • 35% affordable housing by habitable room (split 70% social rent and 30% intermediate) and associated monitoring fund; • 10% affordable workspace and associated management plan; • 10% wheelchair housing provision; • Contribution towards carbon off-setting; • Futureproofing for connection to District CHP; • Public realm and highway improvements (via section 278 agreement); • Parking permit restrictions; • Contribution towards TfL bus services; • 3-year membership to car club scheme for new residents; • Delivery and service plan bond; • Construction skills and employment plan; • Contribution towards off-site public open space; • Contribution towards off-site older children’s (12+ years) play space.

CGI of consented scheme from Ilderton Road looking south Leathams, 227-255 Ilderton Road Southwark, London SE15 1NS 8

CIL The proposed development will be subject for CIL contributions chargeable at the following rates: • London Mayoral MCIL2 - £60 per sq m • LB Southwark C3 Residential CIL - £218 per sq m

These rates will be subject to inflation using the national All-In Tender Price Index of construction costs published by the Building Cost Information Service (BCIS) of the Royal Institution of Chartered Surveyors.

For the purposes of calculating the chargeable floor area, the gross demolished floor space extends to 2972.4 sq m (31,994 sq ft). Affordable housing relief may also be applied for, post-permission and pre-commencement of construction. Source: HGH Planning & Consulting

B1C / E / B8 OCCUPIER MARKET There is strong occupier demand from a wide range of industrial and logistics operators for purpose built industrial space in south east London. The recent acceleration of online purchases in the past 12 months has highlighted the essential nature of delivery services and the resilience of the distribution sector. The rapid, ongoing growth of e-commerce and the desire for same day delivery from the growing local population, as well as the requirement for operators to be as close as possible to their markets is driving increased demand from high quality commercial tenants. On the supply side, the local area has seen a significant loss of industrial space to residential redevelopment over the previous years with local industrial occupiers facing continuing disruption. The shortage of good quality, purpose-built secure space combined with the growth in demand has driven a significant increase in achievable rents. Savills have been engaged in the design evolution of this space during the planning process: parties are encouraged to discuss this further with Bridget Outtrim in the industrial team details overleaf.

METHOD OF SALE The site will be sold by way of informal tender (unless sold prior). Further details of the sale process will be provided in due course.

VAT CGI of consented scheme internal residential courtyard We understand that the property is elected for VAT.

Leathams, 227-255 Ilderton Road Southwark, London SE15 1NS 9

TITLE AND TENURE EPC For sale Freehold and subject to vacant The existing unit has an EPC Rating of B. The full possession anticipated for Q4 2021. The vendor EPC report is available in the dataroom. is flexible and can work with the incoming purchaser to secure vacant possession in line with their timeframe. FURTHER The vendor has a lease agreement in place for 257-258 Ilderton Road and 12 & 12A Sharratt INFORMATION Street to the south. This is a secure warehouse Further information including technical and legal with office and storage yard used for vehicle documentation is available at: storage purposes for the current facility. The lease in place is £15.50 / ft equating to £165,478 https://sites.savills.com/leathams/ per annum with expiry on 13/09/2023. The vendor could assign the lease for a purchaser to utilise the space as a construction compound CONTACT during development of the site. For further information please contact: VIEWINGS Andrew Cox Lucy Robbie Director Associate Director The site is visible from a public highway for Development Land Development Land parties to view the building externally. [email protected] [email protected] 07967 555429 07807 999526

Bridget Outtrim Holly Driscoll Director Graduate Surveyor National Industrial & [email protected] Logistics Agency 07866 203355 [email protected] 07788 188 870

IMPORTANT NOTICE Maps are 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, and published for the purposes of identification only and although believed to be correct accuracy is not guaranteed. Savills, their clients and any joint agents give notice that: 1. They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. 2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise. Designed and Produced by Savills Marketing: 020 7499 8644 | February 2021