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60A & 62 Hatcham Road & 134-140 Ilderton Road

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60A & 62 Hatcham Road & 134-140 Ilderton Road 1 OLD KENT ROAD SE15 OPPORTUNITY AREA 60A & 62 HATCHAM ROAD & 134-140 ILDERTON ROAD LONDON SE15 1TW Freehold, Residential-Led Development Opportunity For Sale 60A & 62 HATCHAM ROAD & 134-140 ILDERTON ROAD 3 Summary An opportunity to acquire a consented freehold site within one of London’s most active regeneration areas. — Existing property comprises a broadly rectangular site of circa 0.45 acres which is occupied by various light industrial buildings and yard space. — Resolution to grant planning permission for a fully new build scheme over 9-storeys comprising 86 residential units totalling 61,605ft² NIA and commercial space extending to 7,609ft² NIA. — Total 86 residential units, with 60 designated for private sale, 19 as social rent and 7 as shared ownership. — Sought-after location within the ‘Old Kent Road Opportunity Area’ and circa 0.3 miles from South Bermondsey Station (direct trains to London Bridge Station in 5 minutes). — Offers are invited in excess of £10,000,000 for the freehold interest, reflecting a low capital value of £144 per ft² based on the consented NIA. 60A & 62 HATCHAM ROAD & 134-140 ILDERTON ROAD 5 Description The subject site, which is broadly rectangular, extends to circa 0.45 acres (0.18 hectares) in total and is comprised of 3 parcels of land. 62 Hatcham Road is a single-storey brick building consisting of 3 separate light industrial units which extend to approximately 6,860ft² in total. 60A Hatcham Road is a yard space in the centre of the site which was most recently used for light industrial purposes. The third element is 134-140 Ilderton Road which is a 2-storey industrial building of circa 10,000ft² with associated yard space. Entrances and servicing to the site are taken from both Record Street and Hatcham Road. The property is bounded by Record Street to the north and east, Hatcham Road to the west and light industrial buildings to the south. Ilderton Road is located parallel to Record Street to the west. Tenancies The property is currently subject to 2 occupational leases which together produce £37,000 per annum. One of the light industrial units within 62 Hatcham Road is let to Sava Films Ltd on a 1 year lease from 20th April 2018 (expires 19th April 2019) at a passing rent of £17,000 per annum. The lease is outside the provisions of the L&T Act and can be terminated by either party with 1 month’s notice. 134-140 Ilderton Road is let to Paramount Haulage Ltd on a 2 year lease from 5th March 2018 (expires 4th March 2020) at a passing rent of £20,000 per annum. The lease is outside the provisions of the L&T Act and can be terminated by either party with 1 month’s notice. The other 2 units within 62 Hatcham Road and 60A Hatcham Road are both vacant. 60A & 62 HATCHAM ROAD & 134-140 ILDERTON ROAD 7 B South Bermondsey 20 4 B 2 0 7 To London Bridge ad & South Bank Ro Location & Accessibility w Deptford Park The Den therhithe Ne 60A & 62 Ro The site occupies approximately half of a wider rectangular block which B215 HATCHAM ROAD Millwall FC is currently made up of various commercial uses, and forms part of a & 134-140 Surrey Canal Road predominantly commercial area stretching from the north of Old Kent Road to ILDERTON ROAD ASDA South Bermondsey. I ll de B&Q rt The property is located within the eastern part of the London Borough of Surrey Linear on Folkestone O ld Canal Park Ro Gardens Southwark, close to its boundary with the London Borough of Lewisham. Kent R ad oad (A Surrounding areas include Walworth, New Cross, Peckham and Deptford. Bridgehouse 2) Meadows ad The site lies approximately 0.4 miles to the north of Old Kent Road (A2) which is S rk Ro a n Pa a main arterial road into Central London. There are numerous shops, restaurants, f o m r d supermarkets, trade counters and various other commercial amenities available S ckha t r e on and around Old Kent Road. Pe e t y l Wa The nearest train station is South Bermondsey which is located approximately rcia me Com 0.3 miles to the north of the site along Ilderton Road, providing National Rail ALDI services with direct links to London Bridge Station in 5 minutes. Transport for London are currently in consultation for a potential extension of P eckham Hil St N ew the Bakerloo Line from Elephant & Castle to New Cross and Lewisham via Old C Sainsbury’s ro ss Kent Road. Further information can be seen here: A202 R oa d re et New Cross Gate tfl.gov.uk/corporate/about-tfl/how-we-work/planning-for-the-future/ bakerloo-line-extension ad Goldsmiths Peckham Road Ro ens University Queens Road Peckham ue Q South New Cross Queens Road Bermondsey Gate Peckham Bus 6 Bus 15 Bus 15 Bike 3 Bike 6 Bike 6 Walk 8 Walk 24 Walk 19 Travel times in minutes to local stations 60A & 62 HATCHAM ROAD & 134-140 ILDERTON ROAD Borough 9 Bermondsey Elephant & Castle Canada Water Old Kent Road Opportunity Area Old Kent Road The property lies within the Old Kent Road Opportunity Area, Walworth circa 282 hectares of predominantly commercial land uses which have been designated for regeneration within the London Plan and the London Borough of Southwark’s Local Plan. Some of the objectives of this scheme are listed below: Lewisham — Revitalise Old Kent Road as a high street with shops, cafes, restaurants, leisure and other facilities with residential homes above. — Recognise the Old Kent Road’s central location by including it within an extension of London’s central activities zone. Peckham — 20,000 new homes, including council homes and private rented homes in mixed use neighbourhoods. Opportunity area boundary Core area Borough Boundary (Lewisham) — Employment clusters providing a mix of managed Main Roads workspace, hybrid, light industrial and low-cost space, contributing to 5,000 additional jobs. — Social infrastructure including up to 2 new primary schools and potentially one new secondary school by Proposed Bakerloo Line Extension 2025 and additional schools later in the plan period. — Two new tube stations on the Bakerloo Line extension and a new overground station at New Bermondsey. Key — New parks at Mandela Way and the gasworks and green Tube Stations Interchange Stations route on the alignment of the former Surrey Canal. Waterloo Underground Southwark Further information can be found here: oldkentroad.org.uk/ DLR Greenwich Overground National Rail Elephant Existing Bakerloo Lambeth & Castle Old Kent Road 2 Lewisham North Extended Bakerloo Old Kent Road Opportunity Area Future potential extension Lewisham, Ca­ord and Lambeth Old Kent Road 1 New Cross Gate New Cross Opportunity Area Lewisham 60A & 62 HATCHAM ROAD & 134-140 ILDERTON ROAD 11 Proposed Accommodation Section 106 Type Amount NIA Sq Ft NIA Sq M Obligations & CIL Residential - Private The planning consent is subject to a Section 106 1 Bedroom 2 Person Apartment 24 13,191 1,225.5 Agreement which obligates for the following: 2 Bedroom 3 Person Apartment 18 13,087 1,215.8 — Provision of 26 residential units as affordable 2 Bedroom 4 Person Apartment 16 12,308 1,143.4 housing; 19 for social rent (6 x 1 bed, 3 x 2 bed 3 Bedroom 5 Person Apartment 2 1,931 179.4 & 10 x 3 bed) and 7 for shared ownership (2 x 2 Sub Total 60 40,517 3,764.1 bed & 5 x 3 bed). Residential - Social Rent — Fixed financial contributions totalling £287,848. 1 Bedroom 2 Person Apartment 6 3,533 328.2 — Car club membership for a 3 year period 2 Bedroom 3 Person Apartment 3 2,028 188.4 and parking permit exclusion zone for future 3 Bedroom 4 Person Apartment 4 3,427 318.4 occupants. 3 Bedroom 5 Person Apartment 6 6,029 560.1 — Provision of 10% of the proposed commercial Sub Total 19 15,017 1,395.1 space as affordable workspace, whereby the rent Residential - Shared Ownership must not exceed £12 per ft² for a 15 year period. 2 Bedroom 3 Person Apartment 2 1,352 125.6 Planning In addition, the planning permission is liable for 3 Bedroom 4 Person Apartment 1 857 79.6 The property was given a resolution to grant planning both GLA and Borough CIL. We understand that 3 Bedroom 5 Person Apartment 4 3,862 358.8 permission on 6th November 2018 for the following residential charging rates are £35 per m² for the Sub Total 7 6,071 564.0 proposal (application reference 17/AP/3757): GLA and £218 per m² for the London Borough of Southwark. Please note that affordable housing relief Residential Total 86 61,605 5,723.2 Mixed use redevelopment comprising: demolition can be applied to the residential element. Interested of existing buildings and construction of a building parties are advised to rely on their own enquiries. Unit NIA Sq Ft NIA Sq M ranging in height from 4 to 9 storeys to provide 1,113 sqm (GIA) of commercial space (use class B1) Commercial at ground floor, 86 residential dwellings above (30 1 6,103 567.0 x 1 bed, 39 x 2 bed & 17 x 3 bed), with associated 2 1,506 139.9 amenity areas, cycle and disabled car parking and refuse/recycling stores. Commercial Total 7,609 706.9 The proposed scheme consists of 2 commercial units (Use Class B1(c)) across the ground floor which will extend to 6,103ft² NIA and 1,506ft² NIA respectively, with access taken from Hatcham Road and Record Street.
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