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56-72 Market Place Romford 56-72 MARKET PLACE ROMFORD 56-72 MARKET PLACE | ROMFORD 1 EXECUTIVE SUMMARY A rare investment / development opportunity located in Romford town centre within the London 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 National Rail station which will be a stop on the Elizabeth Line (Crossrail) Potential for redevelopment to alternative uses, subject to the necessary consents Benefits from a total income of £845,000 per annum Currently let to Debenhams 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 East London and Essex 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 The Liberty 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 The Chase Nature Reserve, a 120 acre park consisting of a diverse A406 A406 A12 mix of habitats alongside the River Rom, is situated 2.5 km to the WOOD GREEN A10 south. WALTHAMSTOW CHADWELL ROMFORD A1 A12 HEATH Excellent transport links, providing easy access west towards A503 Central London and east towards Brentwood and Essex. HORNCHURCH A12 SEVEN KINGS HOLLOWAY ILFORD UPMINSTER The subject property is centrally situated within Romford A41 STRATFORD A406 town centre. DAGENHAM A10 BARKING M25 A13 A501 CITY OF LONDON A13 CENTRAL LIVERPOOL LONDON STREET CANARY CITY WHARF AIRPORT A13 A2 A3 A20 EAST DULWICH DARTFORD Not to scale - for identification purposes onlyA406 A2 56-72 MARKET PLACE | ROMFORD 3 A20 A24 A23 CONNECTIVITY Services to Stratford Station in 20 minutes and London Liverpool Street station in 29 minutes (Source:TFL). S Romford Station will be a stop on the Elizabeth Line EALING (Crossrail) service providing services east to west across BROADWAY STRATFORD London. HADWELL HEATH MARYLAND FOREST GATE MANOR PARK LONDON TOTTENHAM LIVERPOOL SEVEN KING GOODMAYES C ROMFORD GIDEA PARK HAROLD WOOD BRENTWOOD SHENFIELD PADDINGTON COURT ROAD STREET Numerous bus routes connecting Romford to Chigwell in the north, Upminster to the east, Dagenham to the south T E H H N and Barking to the west. IVER HEATHROW AIRPORT TAPLOW SLOUG READING LANGLEY TWYFORD HANWELL BURNHAM SOUTHALL WOOLWIC The A12 is situated approximately 0.6 miles (1km) to the ABBEY WOOD FARRINGDO MAIDENHEAD WEST EALING BOND STREE WHITECHAPEL ANARY WHARF north, and the M25 Junction 28 approximately 4 miles WEST DRAYTON C CUSTOM HOUS (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 BAKERLOO LINE NORTHERN LINE STRATFORD CENTRAL LINE PICCADILLY LINE 27mins CIRCLE LINE VICTORIA LINE LIVERPOOL STREET DISTRICT LINE LONDON OVERGROUND LINE 33mins TOTTENHAM COURT ROAD HAMMERSMITH & CITY LINE DLR LINE JUBILEE LINE ELIZABETH LINE (CROSSRAIL) 38mins PADDINGTON METROPOLITAN LINE 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, The Brewery 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 Marks & 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 Asda, 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 Romford Market Place to the north. Romford Shopping Hall 51 o 43 t Access to the building 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 t o K1 8 2 2 Debenhams Retail Limited presently occupy the property. 7 8 74 t 7 o 4 6 PH 6 Su N 17 bw 2 1 56 to 7 Laur 2 2 ie 1 Walk 23 14 16 29 20 1 4 4 t o 54 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. 8 Stationery Office. © Crown copyright 9 licence number 100024244 Savills 27 0 (UK) Ltd. NOTE:- Published for the 1 purposes of identification only and 1 although believed to be correct 1 accuracy is not guaranteed. 12 13 G1 9 4 56-72 MARKET PLACE | ROMFORD 1 7 13 12 15 8 y rt G12 l e 11 b Li 0m 10m 20m30m he T 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.
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