MACBEAN STREET
WELCOME TO OUR PUBLIC EXHIBITION
MAY 2019
Welcome to this public exhibition on the proposed redevelopment of MacBean Street. We are keen to hear your views on the scheme, so please do complete a feedback form at the end of the exhibition. Members of the Project Team are on hand to answer any questions you may have.
MACBEAN STREET PUBLIC EXHIBITION MAY 2019 01
WHO ARE LEGAL & GENERAL
Established in 1836 and listed on the London Stock The financial security of over 10 million customers Exchange in 1979 L&G have been providing insurance worldwide and over 3000 institutional clients are cover to the UK for over 180 years. looked after by 7,000 staff.
Over the years L&G has grown and now as well as offering insurance and pensions, it manages its investment’s of £983bn. It currently ranks as one of the world’s top 20 asset managers.
Assets under management of £983bn at 31 December 2017
Listed on the London SINCE 1979 Stock Exchange since 1979
180 YEARS Providing insurance for over 180 years
£983BN
Financial security of over 10 million customers in the TOP 20 One of the world’s top UK and US 10 MILLION 20 asset managers LEGAL & GENERAL
3,000
7,000
WORLD’S Managing investments for One of the world’s LARGEST around 3,000 institutional largest insurance clients and investment management groups
7,000 employees
MACBEAN STREET | PUBLIC EXHIBITION MAY 2019 02 LEGAL & GENERAL AND THE UK PROPERTY MARKET
L&G first invested in the UK property market in the former Woolwich Polytechnic College, where they early 1840s, in more recent years it has been have the ambition to build, rent, and manage over 600 building and managing affordable rental properties to new homes for the community. generate long-term sustainable income for their insurance and pension customers. L&G established their investment arm to help secure the pensions and life assurances they hold. LGIM, the In 2015 L&G invested in build to rent schemes in investment arm of L&G, currently managed £984.4 Bristol, Salford and Walthamstow, providing low cost bn worth of assets with £16.9bn invested in the UK in rental properties managed by L&G. In 2018, L&G long term projects. acquired an interest in the site of the abandoned
Investment in UK property industry Statistics:
L&G are building a reputation as a L&G are a long-term, institutional owner- landlord of choice: manager of homes and communities
L&G have over 6,000 homes in L&G have invested £600 million + the pipeline into the UK property market
No lettings, admin, renewal Leases from 6 months to 5 fees etc years, with tenant only break after 6 months
Fixed rent increases
MACBEAN STREET | PUBLIC EXHIBITION MAY 2019 03
OUR VISION
L&G have ambitions to create over 600 new built to Out of an eyesore site, Legal & General aim to create rent homes, on this abandoned brownfield site, as a new mixed community that celebrates local history, part of a scheme that will deliver: creates jobs and seamlessly integrates with the new and developing vibrancy of Woolwich. • New south-facing green spaces • Secure storage for market traders These proposals will also promote sustainable living • Shops for independent retailers through: • Creative, commercial and community space • Landscaped public realm • Targeting BREEAM ‘Excellent’ for non-residential • Provision of cycle spaces for both residential, spaces commercial and public uses • HQM 4 Star for residential • Air source heat pumps (combustion-free) • Car-free development • Promoting sustainable forms of transport • Net zero impact on local air quality • Ample cycle storage • Water efficiency
Aerial view from South Source: Google Maps
Abandoned Abandoned Abandoned Abandoned site Informal market building building building trader parking
MACBEAN STREET | PUBLIC EXHIBITION MAY 2019 04
THE SITE & CONTEXT
The Site The site is located on the corner of Beresford Street Our proposals will deliver a significant number of and MacBean Street, intersecting the boundary new, professionally managed Build-to-Rent homes between the old Woolwich town centre and the that are specifically designed to tackle these issues. emerging Royal Arsenal development. Providing a suitable housing option for the growing number of households who are unlikely to be eligible Over the last 200 years the site has played host to a for council allocated housing, but who are also unable number of different uses. Including industrial space, to afford private sale housing. offices, education and housing. However, in recent years the site has fallen into disrepair and is now only Build-to-Rent does not require access to a mortgage partially in use as a storage area for market traders. or large deposit, a figure that is currently on average 14 times that of the typical Greenwich income. The Housing Context proposals include a provision of 35% affordable rent levels, aimed at Greenwich keyworkers and those Due to changing lifestyles and affordability, an unable to pay full market rent. increasing number of people in Greenwich and across London have to live in the Private Rented Sector. As the future owner and operator, L&G have a secure, long-term interest in the wellness of the site. It’s in However, the borough’s existing rental stock is L&G’s interest to ensure that the community, building insufficient to meet demand, and is also dominated and the surrounding area is sustained at a high by small scale landlords making it difficult to ensure standard. quality.
The lack of rented housing has resulted in overcrowding and poor living conditions, with nearly one third of private rented homes not meeting the Decent Homes Standard.
Greenwich - Housing Composition Annual income needed to purchase a lower price home: 0.5
0.45
0.4
0.35
0.3
0.25
0.2 Average 0.15 annual London Greenwich income UK 0.1
0.05 C.14 x Lower C.13 x Lower C.7.5 x Lower 0 quartile annual quartile annual quartile annual income (approx. income (approx. income (approx. Private £19,000 per £19,000 per £19,000 per Owned Shared Social annum) annum) annum) Ownership Rented Rented
MACBEAN STREET | PUBLIC EXHIBITION MAY 2019 05
BUILD TO RENT
Build-to-Rent is property developed solely as rental in three millennials (adults born between the early properties and are not for sale on the open market. 1980s and 2000s) will stay in private renting beyond retirement. As such Build-to-Rent is the markets In the past ten years, the number of UK residents response to this emerging issue. renting property has doubled, and roughly 20% of UK households (as high as 30% in London) are in private rented accommodation. It is estimated that a third of these tenants will continue to rent, due to the rising cost of home ownership. Research suggests that one
Benefits of Build-to-Rent
High Quality Homes Diversification of the Fair Terms for Tenants and Services Local Market
Designed & specified for renting Longer tenancies – choice of 1-5 years More affordable than private sale; with resident only breaks meeting need of the squeezed On-site management & maintenance middle who are not eligible for Council No up-front fees allocated housing but are unable to Choice of furnished or unfurnished afford private sale Fixed & capped rent increases during Ultra-fast broadband a tenancy, all clearly set out within a Increased speed of delivery & increased tenancy agreement occupancy Residents’ facilities; dining, remote working/study, outdoor amenity
MACBEAN STREET | PUBLIC EXHIBITION MAY 2019 06 BRINGING NEW HOMES TO WOOLWICH
We want to create 600 new homes, within the These will be high-quality homes that will development at rent levels ranging from London complement the surrounding area and community Affordable Rent to Market Rent. feel of the scheme. There will be no north-facing The rent levels will range from ‘London affordable single aspect units, with the entire scheme designed rent’ to ‘private rent’, the affordable units will be to assist daylighting in both private and public areas. initially marketed at workers across the public sector. This will include studio, one-bed, two-bed and three- bedroom apartments.
This scheme is tenure-blind, there are no Poor Doors in our developments. In promoting a sense of community, all residents will have access to shared amenity space.
CGI of the proposed scheme
Sketch of the lobby Sketch of shared amenity
MACBEAN STREET | PUBLIC EXHIBITION MAY 2019 07
ACTIVATING THE GROUND FLOOR
The site sits at the intersection between the old town Retail and Commercial Space: centre and the new and emerging communities in • 529 sqm of retail space the Woolwich Arsenal development. As such, L&G • Independent retailers to occupy the space want to create a space that draws together the two • Retailers to be carefully selected to complement the communities by activating the street frontages along existing retail on Powis Street Beresford Street and MacBean Street. • The jobs created will be aimed at local people This is in addition to a new link between Powis Street, Community & Commercial Space: MacBean Street and Beresford Street through the development. • 1860 sqm of community, commercial & creative Space L&G wish to create new routes through the site via- • We are currently examining a range of options for Murrays Yard, with additional community, commercial the commercial & community space on the site and creative space. This will establish an active link including a cinema between the new communities to the east and the • Introduce flexible community space at ground and existing communities to the west. first floor accessible via Beresford Street • Social gathering space for all of the local community • Commercial space is aimed at creating new employment opportunities for local people and start-ups, complimenting the existing town centre uses by providing flexible workspaces • Re-provide facilities for Beresford Street market traders
OUR AIMS FOR THE SITE
1 2 3
To create high-quality To enhance the local To link into the existing homes for Londoners history and heritage Woolwich town centre
4
To create accessible permeable and exciting public realm, that serves the wider community 5 6 7
To create new To complement the To create high quality businesses for local existing town centre contemporary architecture people uses that enhances the local townscape
MACBEAN STREET | PUBLIC EXHIBITION MAY 2019 08
PUBLIC REALM
As part of the proposals L&G are looking to transform The public realm improvements are intended to: the public realm creating: • Act as a place for all local communities • Lively paved public square with a grove of mature • An improved Murray’s Yard trees • A garden including children’s’ play area • Linked to Powis Street and Beresford Street to • A podium garden encourage pedestrian connectivity • Two roof gardens • New proposed pedestrian crossing to Beresford • Improving and extending Murray’s Lane Street • Flexible space for outdoor seating The public realm has been designed to ensure that it • A space for ‘pop-up’ events such as performances can be enjoyed all year round. • A well-lit, safe and south facing new square, surrounded with active ground floor uses
CGI of the scheme
CGI of proposed Public Realm CGI of the scheme
Sketch of the public realm
MACBEAN STREET | PUBLIC EXHIBITION MAY 2019 09
DESIGN
Our urban design strategy is to follow the established The scheme presents a range of 2-22 storey character of development in Woolwich Town Centre. buildings, in keeping with the local OSD Scheme of Development height has been kept low towards No.1 25-7 storeys and Waterside Developments of 10- 22. Street and steps up either side of this towards the river and Plumstead. The façade follows principles that seek to break down the elevations, reduce the building’s length, The proposed buildings to the rear of the site help allow maximum daylight, reduce visual impact on the create a transition from the lower buildings on Powis Royal Armoury, limit noise, maximise views and avoid Street to the taller elements toward the river along overlooking. Beresford Street with its undulating skyline.
Sketch of proposed height
CGI of proposed scheme CGI of balconies
Sketch of balconies Sketch of the scheme
MACBEAN STREET | PUBLIC EXHIBITION MAY 2019 10 WHAT KIND OF USES WOULD YOU LIKE TO SEE ON THE GROUND FLOOR?
INDEPENDENT RETAIL EMPLOYMENT SPACE BAR/ NIGHTLIFE PLACES TO EAT
YES PLEASE MAYBE NO THANK YOU YES PLEASE MAYBE NO THANK YOU YES PLEASE MAYBE NO THANK YOU YES PLEASE MAYBE NO THANK YOU
EDUCATION SPACE COMMUNITY SPACE CINEMA PLAY SPACE
YES PLEASE MAYBE NO THANK YOU YES PLEASE MAYBE NO THANK YOU YES PLEASE MAYBE NO THANK YOU YES PLEASE MAYBE NO THANK YOU
MACBEAN STREET | PUBLIC EXHIBITION MAY 2019 11
HEIGHT
The proposed development has buildings ranging in Historically the Woolwich area is made up of a number height from 2 to 22 storeys in height, the purpose of of two to four storey homes which is then surrounded the height of the development is intended to enable by buildings which grow in height, especially towards the maximum use of the ground fl oor for community, the river. In recent years this has been refl ected in retail and commercial uses. the development of the Woolwich Arsenal and the Berkeley Homes development on the riverfront. The The height of the proposals will enable L&G to provide proposed development fi ts within this emerging generous community and public realm area whilst also pattern, stepping down in height as you move inland continuing to provide over 600 private rented homes from the northern most element of the site. with a signifi cant proportion at aff ordable rent levels.
Number of stories from dark at ground through to ligh raising in height
Image showing heights of consented buildings in close proximity to the site.
MACBEAN STREET | PUBLIC EXHIBITION MAY 2019 12
CONSULTATION
As an organisation L&G are committed to long Greenwich Planning Committee. You can give your term engagement with the local community. We views on the proposals through our project website understand that any development in the area needs www.givemyview.com/macbeanst and through face to engage with the local community seriously and to face engagement with the community through throughout the life-cycle of the project not just prior drop in events like this and regular appearances at to submission. Woolwich Market.
As such we will be holding consultation events through to a decision by the Royal Borough of
To find out what we are doing please take a look at the timeline below:
May June July August September 2019 2019 2019 2019 2019
Consultation Events Stall at Woolwich Stall at Woolwich Stall at Woolwich Consultation Events Market market Market
MACBEAN STREET | PUBLIC EXHIBITION MAY 2019 MACBEAN STREET
THANK YOU
Thank you for visiting this public exhibition on the proposed redevelopment of MacBean Street.
Please do fill out a feedback form, as this will help inform the consultation process, and feel free to ask a member of the project team any questions you might have.
We hope to submit a planning application to the Royal Borough of Greenwich soon and will be in touch once we do so.
MACBEAN STREET PUBLIC EXHIBITION MAY 2019