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Home , Marks (manor house), River Rom, Romford, Romford Market, Stratford station, The Brewery (Romford)

56-72 MARKET PLACE

56-72 MARKET PLACE | ROMFORD 1 EXECUTIVE SUMMARY

A rare investment / development opportunity located in Romford town centre within the Borough of Havering

A 0.55 hectare (1.37 acre) site comprising an existing building which extends to 21,188 sq m (228,066 sq ft) GIA

Located approximately 0.4 miles (0.6 km) north of Romford station which will be a stop on the Elizabeth Line ()

Potential for redevelopment to alternative uses, subject to the necessary consents

Benefits from a total income of £845,000 per annum

Currently let to Retail Limited

For sale freehold with the tenant in situ

An exciting opportunity to purchase an existing retail investment with significant residential development potential.

56-72 MARKET PLACE | ROMFORD 2 LOCATION

Romford is a rapidly evolving town on the boarders of and which has seen significant redevelopment in recent years following the success of the Olympic Park redevelopment in Stratford, and since M25 STANFORD RIVERS being named as a station on the new Elizabeth A10 (Crossrail) train line. ENFIELD BARNET STAPLEFORD M25 M11 ABBOTTS Shopping Centre, Brewery Shopping Centre and A12 Mercury Shopping Centre are all within close proximity. These CHIGWELL provide a comprehensive retail offering for Romford Town Centre. BRENTWOOD

WOODFORD , a 120 acre park consisting of a diverse A406 A406 A12 mix of habitats alongside the , is situated 2.5 km to the A10 south. CHADWELL ROMFORD A1 A12 HEATH Excellent transport links, providing easy access west towards A503 and east towards Brentwood and Essex. A12 HOLLOWAY The subject property is centrally situated within Romford A41 STRATFORD A406 town centre. A10 BARKING M25 A13 A501 CITY OF LONDON A13 CENTRAL LIVERPOOL LONDON STREET CANARY CITY WHARF AIRPORT A13 A2

A3 A20 EAST DARTFORD Not to scale - for identification purposes onlyA406 A2 56-72 MARKET PLACE | ROMFORD 3 A20 A24 A23 CONNECTIVITY

Services to in 20 minutes and London in 29 minutes (Source:TFL).

Romford Station will be a stop on the Elizabeth Line (Crossrail) service providing services east to west across BROADWAY STRATFORD London. HADWELL HEATH MARYLAND MANOR PARK LONDON LIVERPOOL SEVEN KING S C ROMFORD BRENTWOOD COURT ROAD STREET Numerous bus routes connecting Romford to Chigwell in the north, Upminster to the east, Dagenham to the south

and Barking to the west. IVER TAPLOW SLOUG H READING LANGLEY TWYFORD BURNHAM The A12 is situated approximately 0.6 miles (1km) to the WOOLWIC H FARRINGDO N MAIDENHEAD BOND STREE T ANARY WHARF

north, and the M25 Junction 28 approximately 4 miles C CUSTOM HOUS E (6.4km) to the west. ACTON MAINLINE HAYES & HARLINGTON The subject property is located approximately 0.4 miles (0.6 km) north of Romford National Rail station.

JOURNEY TIMES FROM ROMFORD ON THE ELIZABETH LINE: 9mins NORTHERN LINE STRATFORD CENTRAL LINE LINE 27mins CIRCLE LINE VICTORIA LINE LIVERPOOL STREET LINE 33mins & CITY LINE DLR LINE ELIZABETH LINE (CROSSRAIL) 38mins PADDINGTON 46mins EALING BROADWAY 68mins HEATHROW TERMINAL 5

56-72 MARKET PLACE | ROMFORD (Source: TFL) 4 ROMFORD TOWN CENTRE

QUEENS HOSPITAL

ROMFORD TRAIN STATION BREWERY SHOPPING SAPPHIRE ICE AND CENTRE LEISURE CENTRE

LIBERTY SHOPPING CENTRE

MERCURY SHOPPING CENTRE

HAVERING TOWN HALL

56-72 MARKET PLACE | ROMFORD 5 RETAIL INVESTMENT SUMMARY

RETAILING IN ROMFORD Retail within Romford is centred around the Liberty Shopping Centre, Shopping Park and The Mercury Centre. CONSUMER EXPENDITURE TENANCY The Liberty offers the prime retailing pitch within the town Consumer Expenditure within Romford is significant and set The property is let on a single lease to Debenhams Retail and commands rents in the region of £200 Zone A. The centre to grow further with the construction of additional housing: Limited for 99 years (less 3 days) from 21 October 1995 at is anchored by & Spencer, Primark and Debenhams a rent of £1,300,000 per annum. Debenhams Retail Limited with other major retailers including Next, H&M, Topshop and Convenience retail expenditure in Romford totals £276 entered a Company Voluntary Arrangement (CVA) in May Boots. million per annum within the 10 minute catchment and £1,143 2019. Under the CVA the Romford store was designated as million within the 20-minute catchment (source: Savills a ‘Category 3 Lease’. Category 3 leases are subject to a The Brewery Shopping Park is located around a large car Research) reduced rent of 65% of the contractual rent which reduces park to the south west of the town centre and is anchored by the passing rent to £845,000 per annum. The Landlord can Sainsbury’s, a Vue cinema, TK Maxx, Gap and Boots. Comparison retail expenditure in Romford totals £519 million break at any time from 24 June 2019 to 20 September 2019 on per annum within the 10 minute catchment and £2,116 million 60 days notice (which tenant can elect to extend for 30 days The Mercury Centre links directly into the Liberty Centre via within the 20-minute catchment (source: Savills Research) at full rent). In addition there are mutual break options on an underpass below the inner ring road, Mercury Gardens. the second, third and fifth anniversary of the CVA decision, It is a value led scheme anchored by , Wilko and a i.e. from June 24th 2019. These break options are subject significant multi storey car park. to 90 days written notice and the CVA also specifies that no dilapidations will be payable. The subject property sits in the heart of the town centre, facing onto Market Place and Swan Walk. Market Place SUMMARISED TENANCY INFORMATION houses Romford’s historic market and Swan Walk connects Next Current directly into the Liberty Shopping Centre. Area Lease Lease Current Rent Address Tenant Break Rent (£ per (sq ft) Start Expiry (£ per sq ft) Date annum)

56-72 Market Debenhams Pre - CVA 228,066 21/10/1995 18/10/2094 n/a £1,300,000 £5.70 Street, Romford Retail Limited

56-72 Market Debenhams Post - CVA 228,066 21/10/1995 18/10/2094 24/06/21 £845,000 £3.70 Street, Romford Retail Limited

56-72 MARKET PLACE | ROMFORD 6 Romford

THE PROPERTY N

The site extends to an area of 0.55 hectares (1.37 acres). The property consists of a 1960’s retail store set across basement, ground and four upper floors fronting Market Place within the main shopping district of Romford. The existing building extends to 21,188 sq m (228,066 sq ft) GIA and is of pre-cast concrete construction. PCs Lofthaus Apartments ay 9 bw 6 t o Su The property1 to 91 is bounded by the Liberty Shopping98 Centre to the south,

NaylandCourt Tollgate H ou the Bull Public House (Locallya Listed) to these east, a walkway (Swan 47 Walk) to the shopping centre to the west and Place to the north. Romford Shopping Hall 51 o 3 t Access to the building4 is via Market Place and Swan Walk, which runs

along the south western boundary. 1

9 4 The property benefits from direct access loading bays located at the

south eastern end of the property access via the Liberty Shopping 86

Centre service road. 11 84

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Debenhams Retail Limited presently occupy the property.2

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Experian Goad 2 Plan Created: 07/08/2019 50 metres

3 Created By: Savills

4 For more information on our5 products and services: Copyright and confidentiality Experian, 2019. © Crown copyright and Sw

an www.experian.co.uk/goad | [email protected] | 0845 601 6011

database rights 2019. OS 100019885 Wa NOTE:- Reproduced from the 7 lk Ordnance Survey Map with the

permission of the Controller of H.M.

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56-72 MARKET PLACE | ROMFORD 1 7

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Ordnance Survey ©Crown Copyright 2019. All rights reserved. Licence number 100022432. PlottedScale - 1:1250 Existing building fronting Market Place

56-72 MARKET PLACE | ROMFORD 8 PLANNING OVERVIEW

The site is located in Romford Town Centre and lies within the jurisdiction of the London Borough of Havering.

The property is not listed, however it boarders the Romford Conversation Area to the north.

London Borough of Havering are in the process of preparing their draft local plan 2016-2031 which will replace its Core Strategy 2008 and Site Specific Allocations 2008.

The Draft Local Plan underwent public examination in 2018 with modification taking place following responses in July 2019.

The London Borough of Havering are also preparing a new Town Centre Masterplan for Romford. An initial consultation took place between January – July 2019. Another consultation is expected to take place in Autumn 2019.

Emerging policy context suggests Havering are seeking to deliver a comprehensive regeneration of Romford Town Centre.

CGI of the Leslie Jones Architecture scheme

56-72 MARKET PLACE | ROMFORD 9 SITE SPECIFIC

A meeting was held with officers from the LB Havering on 10th June 2019 to discuss the principle of the proposed redevelopment of the Debenhams Site. The proposals presented to officers comprised a mixed-use development with ground and first floor retail together with residential accommodation on the upper floors. The scheme provided 240 residential units and extended to 18 storeys in height.

Following the meeting with LB Havering, the following written feedback was issued by officers:

Subject to heritage considerations, a mixed-use redevelopment of the site would be acceptable in principle;

Further consideration should be given to the access arrangements proposed to the residential accommodation, as well as servicing and deliveries for the retail component. This is on the basis that the current vehicular access to service the Liberty Shopping Centre is expected to change;

The principle of delivering a tall building at this location will need to be considered in the context of emerging proposals for the Liberty Shopping Centre;

Opportunities should be explored to improve Swan Walk in consultation with the owners of the Liberty Shopping Centre to agree a strategy to improve this external area of the Site;

Upon receipt of written feedback, an amended scheme has been produced by Leslie Jones Architecture. Details of which are within the data room.

CGI of the Leslie Jones Architecture scheme

56-72 MARKET PLACE | ROMFORD 10 SERVICES

The property is connected to mains water, gas and drainage, although these have not been tested. It will be the responsibility of the purchaser to determine whether the current supplies are adequate for their proposed use of the property following purchase.

EPC

The EPC rating for the building is D86. Further information can be found in the online data room.

VAT

The property is elected for VAT

56-72 MARKET PLACE | ROMFORD 11 METHOD OF SALE

The property is for sale freehold by way of informal tender (unless sold prior).

PROPERTY VIEWINGS

The property may be inspected strictly by appointment only through the Vendor’s joint selling agents, Savills and CBRE.

FURTHER INFORMATION

A dedicated project data room has been set up and interested parties are able to register for login details at:

www.marketplaceromford.co.uk

56-72 MARKET PLACE | ROMFORD 12 CONTACTS

For further information please contact:

Toby Ogilvie Smals MRICS Jonathan Allen MRICS +44 (0) 207 409 8162 +44 (0) 207 182 3174 [email protected] [email protected]

Edward De Jonge MRICS Aaron Moles MRICS +44 (0) 207 016 3849 +44 (0) 203 257 6558 [email protected] [email protected]

Alex Soskin MRICS +44 (0) 207 409 9993 [email protected]

Hugh Bushell MRICS +44 (0) 207 075 2860 [email protected]

Important Notice Savills, CBRE and their clients 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 August 2019

56-72 MARKET PLACE | ROMFORD 13