Earlsfield Riverside SW18 4RL
Earlsfield
RiversideLONDON SW18 4RL
SOUTH WEST LONDON RESIDENTIAL DEVELOPMENT OPPORTUNITY Earlsfield Riverside SW18 4RL
Executive Summary
- Riverside location a short walk from Earlsfield Station
- Resolution to grant planning permission for a new build scheme comprising 129 residential units: 105 private units totalling 82,568 sq ft (7,670.6 sq m) NSA 9 intermediate units totalling 6,990 sq ft (649.4 sq m) NSA 15 affordable rent units totalling 10,605 sq ft (985.2 sq m) NSA Office accommodation totalling 11,796 sq ft (1,095.9 sq m) NIA
- 1.83 acres / 0.74 hectares
- A large proportion of private residential units qualify for Help to Buy
- For sale via informal tender
- Unconditional offers are invited for the freehold interest
Computer generated image of Wandle Terrace PAGE 1 Wandsworth Common
Ram Quarter & Southside Shopping Centre
Spencer Lawn Tennis Club
Westfield Waterside (Linden) Earlsfield Station Earlsfield High Street Earlsfield Primary School
The River Wandle
Wellington Works (Goldcrest)
Durnsford Park Recreation Ground
PAGE 2 Earlsfield Riverside SW18 4RL
A Vibrant Location
The site is accessed from Ravensbury Terrace, a short walk from Earlsfield to the east, to the south of Wandsworth and east of Wimbledon. Earlsfield is an affluent and established suburb of south-west London characterised by Victorian terraced housing with large open spaces including Wandsworth Common, Wimbledon Park and St George’s Park, which the River Wandle runs through.
Locally, Earlsfield village has embraced a café culture that is exceptionally popular with young professionals and families with its range of artisan coffee shops sitting alongside established child friendly restaurants such as Carluccio’s. Southside Shopping Centre is located at the northern end of Garratt Lane, approximately 1 mile from the site and provides an extensive retail and leisure offering with high street stores including Gap, Oliver Bonas, Topshop and Waterstones, as well as a Waitrose, 14 screen cinema, gym and restaurants.
PAGE 3 Earlsfield Riverside SW18 4RL
For Business and Pleasure
There are a wide range of amenities within the local vicinity including the Nuffield Health Centre, the Spencer Lawn Tennis Club, the Wimbledon Farmers’ Market and Wimbledon Park (tennis and golf). Local schools include Wimbledon Park Primary School, Garratt Park School and Burntwood School.
PAGE 4 Earlsfield Riverside
SW18 4RL RIVER THAMES 5 20 BATTERSEA A 3 32 P A u 2 tn 0 ey Bri dg 217 e A 6 Ro 3 PUTNEY ad 0 3 WANDSWORTH TOWN A
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A D 1 A l D O il R H OD st O e E W W M G O 3 RO Local Amenities A RO B G VE A R WANDSWORTH R COMMON A T A Primary Schools T 21 E L N D 4 11 A A L KING A E N 1 Floreat Wandsworth Primary O T AL GEORGE’S E R ri G IN n T 2 Beatrix Potter Primary PARK D i H L IG t N E y I 3 Garratt Park School F Road S 1 L
4 Wimbledon Park Primary R AD A
A 9 O 2 Earlsfield Primary E 5 D 1 14
8 E R A
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V WANDSWORTH COMMON
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Nurseries L
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SOUTHFIELDS 3
B E A
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1 Eddie Catz (play centre)
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O The Little House Nursery 2 D BALHAM
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L EARLSFIEL D 3 Sticky Fingers B
M BALHAM I 7 EARLSFIELD Earlsfield
W
d 1 a Riverside E Places of Interest 5 N o
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1 Southside Shopping Centre U O 8 g 6 i
W 2 R T
N Ram Brewery N H 2 R
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S 15 B
m F 3 Tooting Broadway Market a
O 13 h 9
R 4 l R 2 4 Earlsfield High Street 2
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3 B V B
5 Carluccio’s R E UPPER
R O
TOOTIN G A 6 Café Nero
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TOOTING BEC
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WIMBLEDON
Spencer Sports Club 12 7
N
PARK
D 4
Battersea Ironsides GROSVENOR 8 2
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D E 10 WAY
9 Magdalen Tennis Club A D WIMBLEDON PARK TOOTING A O d O a 10 Wimbledon Park R BEC R o
H R R
11 Wandsworth Common C G U A g
R RR H A n
U T i 12 Garratt Park T T t H R L o A C A 13 Durnsford Road Recreation Ground N o E T N E r King George’s Park A e 14 L p Wimbledon Farmers’ Market H p 15 G U U O 3 PL TOOTING BROADWAY
GAP ROAD
PAGE 5 Earlsfield Riverside SW18 4RL
Well Connected
Transport links to the site are excellent.
Earlsfield railway station (Zone 3) is located within 250 metres and provides regular services (every 4 minutes at peak times) to Clapham Junction (London Overground), Waterloo (14 minute journey time) and Wimbledon. In addition, Wimbledon Park station (District Line) is located 800 metres to the south-west.
There are also a number of bus routes running along Garratt Lane providing good access to both the immediate and wider area.
Journey Times
Earlsfield Clapham Junction Waterloo 3 minutes on train 14 minutes on train
Wimbledon Park Earl’s Court Victoria 15 minutes on train 23 minutes on train
A3/M25 JCT 5 miles M4 Motorway 6 miles M3 Motorway 10.5 miles
Heathrow 14 miles Gatwick 33 miles
PAGE 6 Earlsfield Riverside SW18 4RL
Residential Market Overview
There has been limited development locally of significant note, principally due to the fact that the majority of the Earlsfield area was developed in the Victorian era. This is in stark contrast to Wandsworth, where there are a number of schemes including:
Ram Quarter – The redevelopment of the former Ram Brewery by Greenland to provide 661 units (595 private & 66 intermediate). The first phase of the scheme has now Ram Quarter Bronze, Buckhold Road completed and phase II has been launched with asking prices in excess of £850 psf.
Bronze - Buckhold Road – A new build scheme of up to 18 storeys to provide a wholly private residential scheme of 77 units. Quoting in excess of £875 psf.
South Thames College – L&Q’s development which will provide 202 units (151 private & 50 intermediate). Construction commenced in June 2017 and will run until late 2018. Private sale units will be launched in Q2 2018.
More locally, Linden Homes have recently completed Westfield Waterside, a 193 unit scheme where the latest flats have averaged £815 psf. There is little new development in the immediate vicinity with the closest major scheme being the proposed redevelopment of the former Wimbledon Greyhound Stadium.
South Thames College PAGE 7 Earlsfield Riverside SW18 4RL Provision of Co-worker Space by Sector (Source: GLA)
Digital technology
Advertising, Marketing, Communications, Brand Consultancy, Publishing
Office Market Designer-Makers, Product Design
Overview Production, TV, Music & Photography
Social Enterprise and Charity In response to the growth in the wider gig economy and with a view to creating an integrated environment, the proposed scheme provides a combination of both office and co-worker Clothing & Fashion accommodation at ground and part 1st floor level. Management Consultancy or Business Services (e.g. legal, finance) Whilst co-worker space is a relatively recent phenomena, it is expanding rapidly and take up tends to be focused on Education & Training areas with strong transport links (such as Earlsfield) and with a broader backdrop of amenities and services. The scheme has been designed to offer two floors of contemporary Architecture accommodation, which is capable of providing attractive office units, studios and workshops in addition to an on-site 0% 5% 10% 15% 20% 25% 30% café. The space has been designed to allow for appropriate sub-division with a manned reception and break out spaces. Outer London Office Rental Value Growth More broadly, the Greater London office market has seen (Source: MSCI) an 11.2% rise in rental levels in the last 3 years. In part, this is in response to the loss of employment space to residential led development. However, it is also the case that many 200 businesses have sought to re-locate from Central to Greater London to provide accommodation that better represents their business on a more economic basis, an example being Squire and Partners’ relocation to Ferndale Road, Brixton. 160
Submarket Headline Rents
Putney £45-50 psf 120 Rental Growth (MSCI Index) Growth Rental Wimbledon £40 psf
Wandsworth £35 psf Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17
Year
PAGE 8 Earlsfield Riverside SW18 4RL
Riverside Location
Earlsfield Riverside is accessed from Penwith Road to the north. The site is broadly rectangular in shape on a south- west axis and is bounded by terraced housing to the west, the railway embankment and River Wandle to the east and the Rufus Business Centre to the south. The site presently has a roadway running through it providing access to the Rufus Business Park to the south, which will be relocated within the site as part of the planning permission and, on completion, will provide continued access through the property. The existing site is broadly level and benefits from a river wall fronting onto the River Wandle.
The site totals 1.83 acres (0.74 hectares) and comprises 5 industrial units totalling 45,673 sq ft (4,243 sq m) GIA.
A Phase II Environmental report is available on the data room.
PAGE 9 Wimbledon Common & Village
Wimbledon Tennis Club Wimbledon Park
Plough Lane (Galliard) Wimbledon Park Underground Station
Garratt Park
The River Wandle
Earlsfield High Street
Earlsfield Station
PAGE 10 Earlsfield Riverside SW18 4RL
Outline Planning Permission for 129 Residential Units
The site is located within the London Borough of Merton, is not listed and is not located within a conservation area.
A resolution to grant planning permission (Ref 16/P2672) has been made for:
“Demolition of existing buildings and Kitchen redevelopment to provide a mixed use 30 Commercial Unit 177.6 sqm building of part 4, part 5 and part 6 storeys,
EUROBIN accommodating 1,177 sq m GIA of commercial 1100 LT
BIN EUROBIN 240LT 1100 LT
BIN 240LT
BIN EUROBIN EUROBIN 240LT BIN 1100 LT 1100 LT 240LT
LT space (12,665 sq ft) and 82 residential units, WCs 1100 BIN EUROBI N 240LT BIN 240LT
BIN BIN BIN 240LT 240LT 240LT BIN 240LT
BIN BIN 240LT 240LT BIN 240LT BIN 240LT T T BIN BIN BI N BI N
240LT 240LT 240L 240L BIN and a residential terrace of 2, 3 and 4 storeys 240LT
BIN BIN 240LT 240LT BI N BI N
BIN 240LT 240LT 240LT providing 47 residential units, totalling 129
HASLEMERE TERRACE dwellings within Use Class C3, together with a riverside park, car parking, servicing, access,
Blue Badge Car Club Bay WANDLE TERRACE Visitors Bay landscaping and other works.”
Public Car parking for Open Rufus Business Centre Space LT
LT LT The outline planning permission is subject to 1100 EUROBIN LT LT 1100 1100 EUROBIN EUROBIN 1100 1100 EUROBI N EUROBI N
20 spaces LT LT LT N N N 1100 1100 1100 LT LT LT EUROBIN EUROBI N EUROBI N 1100 1100 1100
EUROBI WCs EUROBI EUROBI WCs Play Area N postboxes a S106 agreement being signed, which is in
Plant LT N N EUROBIN EUROBIN EUROBIN LT LT 1100 LT 1100 LT 1100 LT 1100 EUROBI 1100 1100 EUROBI EUROBI postboxes
Commercial Unit EUROBIN EUROBIN EUROBIN EUROBIN EUROBIN Commercial Unit 1100 LT 1100 LT 1100 LT 1100 LT 1100 LT the process of being finalised. Plant 375.6 sqm 424.7 sqm
24 spaces Plant IT
Plant 52 spaces The S106 will include an affordable housing
44 spaces IT review mechanism.
The S106 provides for the Wandle Terrace office space to be occupied as co-worker accommodation. RIVER WANDLE
Use / Tenure Ground Floor Plan
Residential - Social Rent B1 Commercial
Residential - Intermediate Wheelchair Unit
Residential - Private Sale
Plans not to scale. For identification purposes only. PAGE 11 Earlsfield Riverside SW18 4RL
The Consented Scheme
Designed by Stitch Architects, the scheme comprises two distinct contemporary blocks which form a new urban Riverside Quarter.
Access to the scheme is provided from Ravensbury Terrace onto a new public open space which overlooks the River Wandle and provides a view along the newly created landscaped access way through the site leading to the Rufus Business Centre. The scheme has been designed to integrate the residential and commercial uses with the intent of creating an interactive ground floor frontage which complements the residential above. Subtle details such as the differing brick tones have been used within the design to mirror the aesthetic distinction between the two buildings, Wandle Terrace and Haslemere Terrace, which in more detail comprise:
Wandle Terrace - A mixed use building over part 4, part 5 and part 6 storeys accommodating 800 sq m (8,615 sq ft) GIA of commercial space on the raised ground floor and 82 residential units.
Haslemere Terrace - A residential building on Computer generated image of Haslemere Terrace part 2, part 3 and part 4 storeys providing 47 residential units in a mix of houses and walk-up apartments and 295.5 sq m (3,181 sq ft) GIA of commercial space across 2 ground and first floor units.
At ground floor level, the new offices have extensive glazed facades in order to create vibrant streetscapes whilst above, all of the residential units benefit from private amenity space with the majority of units being dual aspect.
PAGE 12 HASLEMER
E AVENUE
Earlsfield Riverside SW18 4RL
First Floor Plan
Kitchen
Commercial Unit 117.9 sqm
K WCs J H GF
HASLEMERE TERRACE
Blue Badge Car Club Bay Visitors Bay WANDLE TERRACE
D E CBA
Use / Tenure E
Residential - Social Rent B1 Commercial
RIVER WANDL Residential - Intermediate Wheelchair Unit
Residential - Private Sale
Plans not to scale. For identification purposes only.
PAGE 13 Earlsfield Riverside SW18 4RL
Schedule of Accommodation
Private Intermediate Affordable TOTAL
Block Private Intermediate Affordable Rent NSA (sq m) NSA (sq ft) NSA (sq m) NSA (sq ft) NSA (sq m) NSA (sq ft) NSA (sq m) NSA (sq ft)
A 13 x 1b, 11 x 2b, 2 x 3b 1,905.9 20,516 1,905.9 20,516
B 3 x 1b, 3 x 2b 416.1 4,479 416.1 4,479
C 9 x 1b, 14 x 2b 1,661.1 17,881 1,661.1 17,881
D 3 x studio, 3 x 1b 308.1 3,316 308.1 3,316
E 5 x 2b 4 x 1b, 5 x 2b 2 x 1b, 2 x 2b 394.8 4,250 649.4 6,990 290.9 3,131 1,335.1 14,371
F 1 x 1b, 1 x 2b, 1 x 3b 247.6 2,665 247.6 2,665
G 5 x 1b, 4 x 2b, 1 x 3b 666.6 7,175 666.6 7,175
H 5 x 1b, 5 x 2b 641.0 6,900 641.0 6,900
J 5 x 1b, 5 x 2b 641.0 6,900 641.0 6,900
K 6 x 1b, 5 x2b 694.3 7,474 694.3 7,474
Houses 6 x 3b 788.4 8,487 788.4 8,487
3 x studio, 44 x 1b, 48 x 2b, 4 x 3b, 6 x 3b houses 4 x 1b, 5 x 2b 8 x 1b, 7 x 2b 7,670.6 82,568 649.4 6,990 985.2 10,605 9,305.2 100,164
GIA 12,124.5 130,511
Tenure Split Units % by unit Location Use Units NIA (sq m) NIA (sq ft)
Private sale 105 81.4% Wandle Terrace B1a Unit 01 424.7 4,572
Intermediate 9 7.0% Wandle Terrace B1a Unit 02 375.6 4,043
Affordable Rent 15 11.6% Haslemere Terrace B1a Unit 03 - Grd Flr 177.6 1,912
129 Haslemere Terrace B1a Unit 03 - 1st Flr 117.9 1,269
GIA 1,095.8 11,796
The scheme has no basement level and the proposals provide for the existing site to be raised by 0.5 metres.
PAGE 14 Earlsfield Riverside SW18 4RL
Technical Tenancy
As is common for brownfield sites such as this, the property The property is being sold subject to a short term is subject to technical constraints such as contamination, occupational lease of Unit 1 in favour of Crossfit Bolt Ltd details of which can be found in the data room. at a rent of £51,200p.a. The lease is outside the 1954 Act and vacant possession can be obtained within 3 months. There is a Neighbourly Deed with the adjoining owner of the Rufus Business Centre covering off the relocation of the There is an additional lease in favour of Vodafone in road through the site. connection with the telephone mast. Vodafone are currently holding over under a lease that expired in Gordon Ingram Associates have advised that the February 2011 at a rent of £35,000 p.a. A full strategy consented scheme does not give rise to any Rights to Light note in connection with vacant possession is set out infringements beyond those already compensated for on the data room. through private treaty.
Full information regarding all of the above is available on the data room. VAT
The property has been elected for VAT and therefore VAT will be payable on the purchase price. Data Room
Full background information is available via the data room, which can be accessed at www.earlsfieldriverside.co.uk EPC
Copies of the EPCs are available on the data room. Tenure
The site is held freehold under the following titles: Tender Process SGL9275 SGL411968 The property is for sale by way of Informal Tender. SGL411967 Unconditional offers are invited for the freehold interest. SGL693527 SGL408400
Key
Freehold site Owned by 3rd party. Right of way
PAGE 15 Earlsfield Riverside SW18 4RL
Inspection
Access is strictly controlled by JLL and Levy Real Estate LLP and is by appointment only.
Please contact the disposal team for further information:
JLL Levy Real Estate LLP Bruno Jaczkowski Matt Sharman [email protected] [email protected] 020 7087 5548 020 7747 0110
Dan Smith Ed Thompson [email protected] [email protected] 020 7852 4285 020 7747 0178
www.earlsfieldriverside.co.uk
MISREPRESENTATION ACT 1967 Levy Real Estate LLP and JLL for themselves and for the Vendors or lessors of this property whose agents they are given notice that: All description, dimensions, reference to condition and necessary permissions for use and occupation and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them. Any services mentioned have not been tested and therefore prospective occupiers should satisfy themselves as to their operation. These particulars are produced in good faith and set out a general guide only and do not constitute part of any offer or contract. No person in the employment of Levy Real Estate LLP and JLL has any authority to make or give representation or warranty in relation to this property. All prices and rents are quoted exclusive of VAT unless otherwise stated. January 2018. Designed and produced by Cooper Rose 020 3440 5160 PAGE 16