EXCITING RESIDENTIAL-LED REGENERATION OPPORTUNITY Erith Riverside Shopping Centre ~ 2
TOWN CENTRE 147 SPACE £1.38M DOMINANT, CONVENIENCE AND CAR PARK PER ANNUM NET OPERATING COMMUNITY SHOPPING CENTRE INCOME
GREATER 4.4 ACRES CROSSRAIL LONDON LOCATION SITE AND COMPRISES AT NEARBY 193,145 SQ FT ABBEY WOOD
MASTERPLAN ENGAGED 3,425 NEW HOMES FOR 490 RESIDENTIAL UNITS LOCAL AUTHORITY NEEDED BY 2025 DEVELOPMENT Erith Riverside Shopping Centre ~ 3
INVESTMENT CONSIDERATIONS ~ ~ Erith is located 15 miles south-east of Central London with travel times of c. 35 minutes ~ ~ Community and convenience focused tenant mix. Key occupiers include Wilko, Matalan, to the City (LondonINVESTMENT Bridge and Cannon Street). Iceland, Greggs, Specsavers and Card Factory.
~ ~ Erith Riverside is a town centre dominant shopping centre with significant residential ~ ~ Erith Riverside has a 95% occupancy by floor area with a WAULT to expiry of 4.63 years. development / regenerationCONSIDERATIONS potential. ~ ~ Affordable rebased rents, currently producing a net operating income of £1,376,733 ~ ~ Erith is a major commuter hub that will be strengthened by the opening of Abbey Wood per annum. Crossrail station in 2022. ~ ~ Masterplan to deliver 490 residential dwellings in a significant regenerative ~ ~ Erith Riverside forms the principal part of the town centre on a site of approximately repositioning of the town centre. 4.4 acres and comprises 193,145 sq ft (17,944 sq m) of accommodation. Erith Riverside Shopping Centre ~ 4
BRONZE AGE WAY A206
MORRISON’S SUPERSTORE
ERITH TRAIN STATION A414
M25
A12
ENFIELD A130 M11 A10 Erith Riverside Shopping Centre ~ 5 BRENTWOOD
A12 LOCATION CONNECTIVITY Erith is in the London Borough of Bexley, situated on the south bank of the river Thames Erith benefits from an excellent public transportation network being in such close proximity to ROMFORD A127 approximately 13 miles south-east of the City. Erith’s proximity to the world’s leading financial Central London and is well connected on the road and motorway network. cityA553 makes it an attractive residential and commercial location with a high concentration of A127 M25 commuter based residents. A12 Erith is 6 miles north of Junction 2 of the M25 motorway which provides access to the national motorway network. The A2, which serves local traffic, is 3 milesSOUTHEND-ON-SEA south and BARKING provides access to East London via the Blackwall Tunnel.
Crossrail is located at Abbey Wood and is a 5 min train journey from Erith. The A13 A13 anticipated journey time from Abbey Wood to Liverpool Street is 17 minutes. LONDON A13 The station is set to open in the first half of 2022. CANARY WHARF ABBEY WOOD ErithGRAYS railway station is adjacent to the town centre (500 metres from Riverside Centre). Rail services are operated by Southeastern trains and provide regular direct commuter A201 WOOLWICH services to the City, London Bridge and Cannon Street, with a fastest journey time of A202 A206 33 minutes. A207 A220 A2 BEXLEYHEATH London City (8 miles) Southend (30 miles) Gatwick (40 miles) A205 DARTFORD A2 Crossrail M25 A20
BROMLEY
ROCHESTER
A232 Erith Riverside Shopping Centre ~ 6
INVESTMENT INTO ERITH CATCHMENT The Thames Estuary has been labelled one of the most exciting investment locations in the 10 minutes drive time 20 minutes drive time UK and is considered a priority area for growth with committed support from the Government and private financial investors. Within the Thames Estuary sits Bexley, a London borough with a substantial plan for housing growth, improved infrastructure and employment creation.
Erith is one of four district centres within Bexley and the Council has the ambition to regenerate Erith and the borough of Bexley as part of the wider Good Growth Programme launched by the London Mayor. The vision is to create coherent residential riverside communities that will provide a mix of housing, improved business premises and public transport improvement. The overarching aim is to increase employment and GVA.
Erith town centre is one of the borough’s major growth locations, as identified in the Bexley Growth Strategy. The Growth Strategy sets out plans for up to 30,000 new homes by 2050 across the borough. The need for the development of new housing and jobs in Erith is a priority for the Council, which is acknowledged in the Growth Strategy. In the short to medium term the Council’s emerging Local Plan identifies a number of large allocated housing sites for the delivery of approximately 1,500 units over the next 17 years.
Funds in the order of £20m have been made available for the regeneration of Erith from the Council, GLA, TfL, Heritage Lottery Fund and London LEAP to undertake Public Realm projects. These projects include the likes of Erith Station, Pier Square, Pier Road and Riverside Gardens and land assembly.
The London Borough of Bexley’s vision for Erith is to create a thriving regenerated town centre through high quality, mixed use residential and commercial uses.
CATCHMENT The London Borough of Bexley has a population of approximately 250,000 people which is projected to increase to 260,000 by 2030. Erith has been identified as a significant growth area with population growth of 26% anticipated by 2030.
A significant 137,134 people live within a 10 minutes’ drive time, increasing to 515,881 people within 20 minutes. ‘Upper-middle affluence’ represents 32% of those within 10 minutes’ drive time, well above the UK average of 21%.
2019 total retail spend in the area equated to £7.5m. Approximately a third of expenditure on convenience goods and two thirds on comparison goods, on par with the London average. Pier Road Riverside Gardens Erith Riverside Shopping Centre ~ 7
THE BEXLEY GROWTH STRATEGY HOUSE PRICES HAVE RISEN 40% ERITH’S POPULATION IS SETS OUT PLANS FOR IN 5 YEARS AND ARE FORECAST TO GROW BY 30,000 NEW HOMES 24% ABOVE THE 26% BY 2030 BY 2050 PROMIS AVERAGE
HOUSE PRICES £5.8M IN SECURED £900,000 SPENT
FUNDING TO REJUVENATE TO IMPROVE TOWN CENTRE UP 40% THE HIGH STREET ACCESSIBILITY FOR PEDESTRIANS AND CYCLISTS OVER PAST 5 YEARS Erith Riverside Shopping Centre ~ 8
SITUATION Erith Riverside forms the principal part of Erith town centre and provides the prime retail provision. Pier Road, Town Square and the northern section of Erith High Street are pedestrianised.
Erith Riverside is highly accessible for local residents on foot and the town centre bus interchange is adjacent on Bexley Road. There is a generous parking provision between the asset’s car park and that of Morrison’s to the west and east respectively. Erith Riverside Shopping Centre ~ 9
PADDY POWER GYM GROUP NEMESIS VACANT
FISH & STEAK DOMINO’S MATALAN
CARD FACTORY THE WORKS SAM 99P SUBWAY SAVERS COTTAGE HOSPICE COTTAGE GREENWICH & BEXLEY SELECT VACANT MOBILISE
CROSS STREET SHOE ZONE COSTA
MAMBOCINO SPECSAVERS CAFFE
SABINA HEALTH AGLORY & BEAUTY SUPERSTORE GREGGS ICELAND
STARBURGER HOLLAND & BARRETT
SAV’S BARBER
BARCLAYS ERITH HIGH STREET DOMINION CENTRE WILKO
HARRISONS PHARMACY PIER ROAD OGE THREES PATILA & FOURS ESTERS STUDIO CREATIONS COSMETICS & BOUTIQUE EXCLUSIVE LOWER GROUND SCAN CLINICS HAIRDRESSING
PIER ROAD
MATALAN
147 SPACE SURFACE C A B LEVEL CAR PARK FARMFOODS
ERITH HEALTH CENTRE NICE BEDS NICE FLOOR
BOJANGLES HAIRDRESSING KASSIOPI COVE INDOOR PLAY CENTRE AGLORY CASH & CARRY
EDUCATIONAL ESTABLISHMENT
M BEG CORAL OPTICIAN
Subject Ownership RETAILING IN ERITH The retail provision in Erith is dominated by Erith Riverside shopping centre, which The scheme comprises 47 retail units and a 147 space shopper car park to the south-west. was developed in 2005 at the heart of the town centre. The shopping centre provides There are an additional 670 free (first 2 hours) customer car parking spaces located at the 193,145 sq ft of retail and leisure space, as well as a 147 space car park. Morrison’s superstore adjacent to the east. Key tenants include Wilko, Matalan, Iceland, Greggs, Specsavers and Card Factory. Erith has the lowest town centre core vacancy rates out of the five town centres within the London Borough of Bexley and has an overall vacancy rate that is 4% under the national average. Erith Riverside Shopping Centre ~ 10 Erith Riverside Shopping Centre ~ 11
TENURE The asset is held long leasehold from The Mayor and Burgesses of the London Borough of Bexley for a term of 150 years, expiring 6th June 2155 (134 years unexpired). There is a basic rent of £50,000 payable, plus an amount by which 5% of the gross rents received in respect of the shopping centre’s commercial parts and car park, less permitted deductions, exceeds the basic rent of £50,000.
For the past three complete accounting years, 2018, 2019 and 2020, permitted deductions have equalled 13%, 11% and 7% of gross rents received, reducing the effective gearing to 4.34% – 4.64% of gross rents received. The head rent payable for the past three years is set out below:
2018 2019 2020 £71,233 £72,203 £73,763
The adjacent plan outlines the approximate title outline for indicative purposes only. Erith Riverside Shopping Centre ~ 12
INCOME ANALYSIS SERVICE CHARGE Erith Riverside is let on 41 tenancies and currently produces a Gross Income of £1,587,355 pa and a Net Operating Income The operating costs for the centre are covered by an annual of £1,376,733 pa. service charge which runs from 1st April to March 31st. The current year’s budget equates to an affordable £4.44 per sq 69% of income is secured by national tenants and 31% by local tenants. ft. A summary of the service charge for the previous four years is shown below. The asset has a WAULT of 4.63 years to lease expiry and 4.24 years term certain. Year Service Charge Rate psf 2021 – 2022 £499,809 (Budget) £4.44 2020 - 2021 £570,127 £5.07 2019 – 2020 £554,720 £4.93 2018 - 2019 £568,305 £5.05
The service charge includes a marketing budget of £2,500 for the year. FOOTFALL The asset benefits from a footfall of approximately 2.6m per annum.
The essential and convenience retailing focus of the asset saw it sustain healthier footfall than the national benchmark through the Covid-19 pandemic. Footfall in 2020-2021 for Erith Riverside was down 32% year-on-year against a national average of 47%. INCOME EXPIRY PROFILE (LEASE EXPIRY) INCOME EXPIRY PROFILE (TERM CERTAIN) Year Footfall Holding Over £428,132 27.50% Holding Over £428,132 27.50% 2020 1,740,449 0 yrs to 2 yrs £143,600 9.22% 0 yrs to 2 yrs £250,600 16.10% 2019 2,519,992 2 yrs to 5 yrs £275,000 17.66% 2 yrs to 5 yrs £245,800 15.79% 2018 2,630,696 5 yrs to 10 yrs £688,113 44.20% 5 yrs to 10 yrs £610,313 39.20% Shoppers approach Erith Riverside in fairly equal proportion 10 yrs to 15 yrs £22,000 1.41% 10 yrs to 15 yrs £22,000 1.41% from the three main points of entrance: Colebrook Street 15 yrs + £10 0.00% 15 yrs + £10 0.00% (Morrison’s car park), Bexley Road (bus interchange) and Pier Road (asset’s car park). Erith Riverside Shopping Centre ~ 13
CAR PARKING Erith Riverside car park provides 147 spaces and is managed by Smart Parking on behalf of the landlord.
A net revenue of £6,000 is forecast for the year ending March 2022, with further growth to £13,000 for the following year.
Tariffs (from October 2020):
0 - 3 hours = free Up to 4 hours = £2.00 Up to 5 hours = £4.50 Up to 6 hours = £8.00 Up to 8 hours = £10.00 Up to 24 hours = £15.00
Prior to the 2020/21 service charge year, the car park was operated within the service charge budget. The landlord now operates it directly. ASSET MANAGEMENT It is anticipated that the primary objective of the purchaser will be to deliver a large scale, residential-led redevelopment and repositioning project in conjunction with the London Borough of Bexley.
The opportunity to enhance and further secure income exists through less intensive and more traditional asset management objectives. These include the following:
~ Let units 8 and 19a ~ Progress lease renewal negotiations for Wilko, Savers, Paddy Power and Iceland ~ Seek to enhance income from the car park through car park charges and additional events ~ Target growth of commercialisation income. 4 ESS
1
20
The 3 6.6m Running Horses 6.6m 3 Running Horses Guild Mean Playhouse High (PH) (PH) W LB ater
89 30 20 18 (PO) 32 4 2 Erith Riverside Shopping Centre ~ 14 4.1 ILLUSTRATIVE BLOCK PLAN 24 24 to 24 CLOSE 4 CLOSE 22 26 26 28 8 6 to ESS 26 FS ROAD TFORD 1 1 TFORD ROAD to 1 FS to SAL 36 44 SAL 10.3m 36 Bexley College 20 TREE TREE Shelters 38 Bexley40 College Shelters 2 Stone Court The 12.4m Stone Court to 3 34 36 6.6m ALNUT Running Horses ERITH ALNUT W Garden N ERITH 5 W 6 (PH) Wharf 37 37 to to HIGH 24 Carrack 42 Chalk to 42 Chalk CLOSE Farm Carrack WHARFSIDE CLOSE HIGH 13 26 House Wharf Farm STREET 12 TFORD 1
House 2 ROAD ROAD to to Wharf 5
SAL 36
WHARFSIDE o
t 52 16 TCB 17 STREET TREE Shelters
BEXLEY 1 to Stone Court 1 CLOSE to 1 to W 65 ALNUT 1 ERITH HIGH aters W to 20 PH Waters 65 Bosworth Edge PH 37 Court Bosworth Edge ROAD 36 to House ROAD 42 Chalk 36 Court Carrack House 27 56 Farm BEXLEY 10 House Wharf BEXLEY STREET to
1 56
2 Shopping centre with
to
5
o to
t
10.0m
15
1 18 33 1 residential above to 10.0m 1 to to Morrisons Waters 65 Riverside PH Car Park 12 11.3m Bosworth be retained Edge Car Park ROAD Court 11.3m Shopping House 36 Guild Mean A RARE GREATER LONDON REGENERATION OPPORTUNITY DEVELOPMENT 56 PHASINGBEXLEY High Guild Mean Playhouse to W
1 ater 9 Centre High Superstore Playhouse LB 10.0m W 89 30 20 18 (PO) LB 32 ater 4 2
89 8 30 20 18 (PO) 24 22 32 4 2 11.3m 8 6 STREET 24 COLEBROOK 26 28 Evolve Estates FS 22 Guild Mean 26 8 6 High 28 FS Playhouse FS 7 W 44 ater
Square buildings to be FS LB 10.3m 89
20 (PO) 30 32 18 4 44 2 38 8 40 10.3m 24 22 2 82 demolshed CROSS 8 6 own 38 40 26 28 2 12.4m FS to T 34 36 FS
12.4m 44 34 36 to 5 6
10 10.3m 38 40 Garden 5 6 2 STREET Wharf
6 4 12.4m Morrisons34 36 to WHARFSIDE CLOSE N CLOSE 5 Garden 6 Wharf Superstore 12
75 WHARFSIDE 3 ROAD 13 Other buildings 11 Town Hall CLOSE WHARFSIDE 12 to WHARFSIDE 16 13 ROAD BEXLEY 13 Town Hall 2 12 CLOSE WHARFSIDE 16 to17 be demolished to 2 TCB ROAD BEXLEY Town Hall WHARFSIDE BEXLEY CLOSE to 16 17 23 CLOSE to 20 14.1m 20 1 25 14.1m 14.1m
1
31 0 27
27
10
t
1
o 18
0 33
Public realm1
t
to to
o 18
5
33
1
ROAD to 12 PIER 5 Morrisons
15 PIER 18 B Riverside Shopping ROAD 33 12 Car Park Morrisons Car Park B Riverside Shopping improvements Car Park to G Morrisons Centre G CentreErith Riverside Car Park
Car Park 12 Riverside Street Street Car Park
9 Shopping 9 44 to 46 D
Cross D 9 Centre 35 8 Superstore Cross
8 Superstore e Superstore 42 40 38 35 r
a COLEBROOK e STREET
r
u Masterplan/ 7
a 33a q COLEBROOK 35 8 STREET
u 70 S
Car Park STREET COLEBROOK 7
33a q
n 8 regeneration
82 S A w
ERITH
41 CROSS
o
8
n 7 33a T
Square 82 A w 41 CROSS
10 study area
o
STREET T Health Centre 8
82 6 4 CROSS 0 Morrisons 41 own
1 H 3.321 hectares 1a
T 3 Superstore STREET
HIGH 5
75
3
6 11 4 10 H Morrisons 13 1a 3 2 Superstore STREET 2
6
4 5 1 Morrisons75 1a E 3 3 23 11 Superstore 5 STREET
1 13 75
3 2
2 11 100 1 to 83 25 13 31 Parkspring Court 2 23 E ELRICK 2 Pier Road PIER ROAD 23 1 ROAD 102 25
1 31 44 to 46 25 Library C Pier CLOSE 31 42 40 38 Road PIER ROAD 7 Hall F ESS Car Park 70 Queen PIER ROAD CRESCENT PIER ROAD E Baptist ESS R Church
22 ROAD I 44 to 46
T Street Y Health Centre H A 19
C 44 to 46 W 26 H 42 40 38
I
TT G A 70 8.7m 1 to 23 H W 42 Car Park F 40 38 29
S
E
104 Atrium QUEENS T
R STREET Car Park JAMES 70 R
E 1 to 83 I Court 13 1
QUEEN 0 4 T
3 E ERITH 40 0
CLOSE Health Centre H to Church T Parkspring Court 1 Christ ELRICK 30
ROAD H
Sunday 102 Health Centre I Church 34 G Christ 1 1 VELEY
to A School H CLOSE Library
HIGH
33 Sherwood
S 7 7 Hall
House ESS T 11 Queen QUEENS CRESCENT
10 R Baptist ESS Cornelia Church
1 ROAD E 1 1 to 8322 Street
0
E
0
7 19 QUEENS STREET Crescent Cottage Y T Parkspring Court 26 AELRICK W 100 1 to 83 Hall TT 8.7m 1 to 23 A ROAD W 29
Sunday 1 Court 1 104 Parkspring Atrium 0 ELRICK STREET JAMES 2 Place 13 QUEEN Court 4 School 3 CLOSE 40 4 to Sunday 102 1 Library 30 4 CLOSE
ROAD 1 2a 7 3 1 7 Hall 6 1 34 1 VELEY ESS 1a Queen School Library to A CRESCENT CLOSE Sherwood 33 Baptist 7 ESS 7 House Church Hall 22 ESS 10 11 Street 9 Queen 19 Cornelia CRESCENT 1
Baptist ESS 7 Y 26 Church Crescent Cottage A 22 ROAD W Street 2 Hall TT Y 8.7m 1 to 23 A A 19 Erith is one of the larger town centres in the London Borough of Bexley and falls under the A west to east four-phase programme26 has been considered for the delivery of the W masterplan.1 Y W A 104 Atrium W TT Place Y STREET JAMES TT A 4 Hall A 8.7m A 13 1 to 23 4 Court W QUEEN 2a 4 W W 1 3 3 29 1 40 to 1a 104 Atrium 1 JAMES STREET 37 49 Bexley Riverside Opportunity Area, making it a strategic location for development9 GLEBE 25 JAMES and QUEEN Court 4 7 13 6 1 3 Phases 1-4 incorporate9 eight parcels of land (A-H), as illustrated on the plans above. 40 1 CLOSE 1 to to 1 30 11.0m 14 Sherwood 33 7 2 4 7 28 regeneration.6 House 34 1 1 VELEY Y 11 to A A 10 Club W TT Cornelia
A 1 Sherwood 33 W 7 House JAMES 7 25 37 49 Crescent Cottage 10 11 20 16 9
1
2
Cornelia 1
1 11.0m 14 Crescent Cottage 7 2 4 Place
2 Erith Riverside shopping centre is the principal part of the town centre, and is the focal Y 4
A
4 1 2a W 1 1
1
Y Place 1a A Phase Letter Residential (flats/houses) Residential GIA (sq ft) Commercial NIA (sq ft) Storeys
4
GLEBE W point of the wider regeneration initiative led4 by the Erith Western Gateway Development 1 2a
3 1 9
1a GLEBE Framework SPD, adopted in January 2012. 9 28 A* 78 74,775 20,600** 6-12 AY Club W ATT 28 1 W 20024 Erith regen council pres.indd JAMES AY 37 18 49 W 20 DRAFT 9 25 Club TT 16 16/10/20 A 1 W B 28 26,780 - 7 Erith Riverside presents a rare opportunity to acquire aJAMES key strategic residential-led, 14 11.0m 25 37 49 2 4 20 16 9
1 town centre regeneration opportunity covering a 4.4 acre11.0m site. 14Bexley borough2 council4 is 2 C 128 123,978 4,800 3 - 14 committed to delivering the regeneration of Erith town centre and recognises that private D 88 80,912 6,900 7-10 sector engagement is their most likely avenue for delivering this. 3 E 32 30,720 5,400 8 Fuse architects have developed a masterplan which seeks to illustrate the potential of the site F* 19 / 8 29,277 1,500 3 and its immediate surroundings and to align with the Council’s aspirations for the town. These G 52 48,695 3,100 6-8 plans form the basis of ongoing discussions with the local authority. 4 H 57 55,724 2,700 6-9 The masterplan retains a core retail footprint while creating a new, coherent, riverside Total 490 470,861 45,000 community exploiting Erith’s setting on the bank of the Thames. It includes 490 residential units, 300 of which are situated on sites currently allocated for residential development. *outside of Evolve ownership **including 13,000 for a cinema Fuse Architect’s masterplan area Outside of subject ownership Subject ownership Public realm improvements Erith Riverside Shopping Centre ~ 15
The area of the town centre to the west of Cross Street, known as “Pier Road West”, falls PLANNING within the Erith Western Gateway Development Framework Supplementary Planning Erith Riverside Shopping Centre represents a large part of Erith town centre and provides the Document (SPD) (adopted January 2012). The SPD states that the Erith Western Gateway unique opportunity to be the stimulus for the wider regeneration of the area. It is clear from offers significant opportunity with the potential to amalgamate individual sites to enable a adopted and emerging policy that the regeneration of Erith town centre is a key aspiration for comprehensive redevelopment. The site is also proposed for allocation as a housing site within the London Borough of Bexley. the emerging draft local plan.
Erith is identified as part of the Bexley Riverside Opportunity Area, and is within the Thames The London Borough of Bexley has resolved to take all necessary steps to progress the Gateway. The shopping centre is within the Erith District Centre Boundary as designated selection of a development partner for the redevelopment of the Pier Road area, and has within the adopted London Plan. The site provides the opportunity to bring forward a high taken steps to prepare a draft CPO, should it be required. This highlights the Council’s quality, comprehensive mixed-use redevelopment of Erith town centre and proactively commitment to facilitate the regeneration of Erith town centre. contributes towards the Borough’s housing and employment opportunity needs and the regeneration of Erith town centre. Initial discussions with the London Borough of Bexley confirm them as in broad support of the intensification of the town centre, subject to specific design proposals and any development contributing towards the Bexley Growth Strategy and vitality of the town centre.
A planning policy overview has been carried out by Pegasus Group in reference to the Fuse Architects masterplan and is available in the data room.
Erith Riverside Shopping Centre ~ 16 Erith Riverside Shopping Centre ~ 17
RESIDENTIAL IN THE LONDON BOROUGH OF BEXLEY Average house prices in the London Borough of Bexley stood at £358,000 as at Q2 2020, 34% above the Promis average of £267,800 and showing an increase of 40% over the past London Borough of Bexley is one of a small number of London Boroughs which does not have 5 years. However, house prices in Bexley remain relatively affordable in comparison to other its own housing stock, emphasising the need for the Council to work with the private sector to London borough’s. This, coupled with the fast growing population, creates a dynamic for deliver housing requirements. further price growth. A 2020 assessment of housing supply showed requirement for 3,425 dwellings over the next 5 years. The 2017 Growth Strategy targets meeting the need for new homes and jobs alongside improved transport connectivity to encourage economic development. Erith’s residential potential is underpinned by its strategic location just outside Central London, its proximity to the national motorway network and strong population growth forecast. A414
M25
A12
ENFIELD A130 M11 A10
BRENTWOOD
Erith Riverside Shopping Centre ~ 18 A12
RESIDENTIAL DEVELOPMENTSROMFORD AND PIPELINE A127 A553 A number of recent developments have delivered a mixture of houses and apartments. As A127 A12 affordability is stretched, buyers are looking further from Central London to capitalise on theM25 launch of Crossrail at nearby Abbey Wood. The below selection of delivered and pipeline schemes demonstrate the demand for residential dwellings. SOUTHEND-ON-SEA In the London Borough of Bexley there are 5,673 units in planning*, in addition to 1,568 units for sale or currently underBARKING construction. Erith Riverside is ideally positioned to be the most important development in Erith.
A13 A13 1. Eastside Quarter 2. The Quarry LONDON A13 6 GRAYS
A201 4 WOOLWICH 5 3 M25 A202 2 A206 A207 BEXLEYHEATH A220 A2
1 DARTFORD A205 A2 3. Egerton Place 4. Abbey Wood - Binsey
A20 # Scheme Developer Units Status Type £psf
1 Eastside Quarter Bellway 518 120 units sold Flats £485 BROMLEY2 The Quarry L&Q/Anderson Group 600 Ongoing currently Houses £385 Phase 2 3 Egerton Place Abbey Developments 219 Phases 1&2 Houses £420 ROCHESTER 4 Abbey Wood - Binsey Peabody 329 Planning granted
5 The Quarry L&Q 389 2 phases to go Flats and Houses A232 6 Crabtree Manor Way Aitch 1133 Application Flats and Houses 5. The Quarry 6. Crabtree Manor Way
*source Molior SURVEYS PROPOSAL A Lane & Frankham area survey and Hollis building survey are We are instructed to seek offers in excess of £18,000,000, exclusive available and assignable to a purchaser. of VAT and subject to contract. DATA ROOM KEY CONTACTS Further information on the asset and the opportunity is held For further information, or to arrange a site inspection, please contact: on the secure marketing data room. Parties are invited to register for access at the following address: JAMES STRATTON MARK GARMON-JONES UK Investment UK Investment sites.savills.com/erithregeneration [email protected] [email protected] +44 (0) 20 7409 8880 +44 (0) 20 7409 8950 VAT +44 (0) 7787 513 060 +44 (0) 7967 555 593 We understand that the property is elected for VAT purposes. It is anticipated that the sale will be treated as a Transfer of Going Concern (TOGC). SAM SAGHIR-PASHLEY DAVID PARKER UK Investment London Development - Repurposing EPCS [email protected] [email protected] +44 (0) 207 330 8675 +44 (0) 207 409 8168 The Energy Performance Certificates for Erith Riverside are available on the marketing website. +44 (0) 7866 203 444 +44 (0) 7812 965 414
IMPORTANT NOTICE
Savills, their clients and any joint agents 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 June 2021