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