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Residential-Led Development Opportunity RESIDENTIAL-LED DEVELOPMENT OPPORTUNITY WEST SILVERTOWN PLACE 278-291 NORTH WOOLWICH ROAD, SILVERTOWN, E16 2BB RESIDENTIAL DEVELOPMENT OPPORTUNITY | WEST SILVERTOWN PLACE OPPORTUNITY SUMMARY WEST SILVERTOWN PLACE IS A FREEHOLD RESIDENTIAL-LED DEVELOPMENT OPPORTUNITY WITH EXISTING INCOME UNTIL AUGUST 2022. • Freehold site extending to approximately 0.62 acres (0.25 hectares). • Favourable pre-app response from LB Newham for a residential-led scheme comprising 72 residential apartments and ground floor B1 (office) commercial space. THE SITE • Currently let to two tenants with a total passing rent of £166,000 pa with VP available from August 2021 and August 2022 respectively. • West Silvertown Place is within an area that has experienced significant regeneration, including Ballymore’s Royal Wharf scheme with a host of retail and leisure offerings located directly opposite the site. • West Silvertown DLR Station is located 0.3 miles to the west, Custom House (Crossrail) is located 0.8 miles to the north and London City Airport is situated 1.2 miles to the east. • Offers invited on a Subject to Planning basis in excess of £5,750,000. OPPORTUNITY LOCAL SURROUNDING TRANSPORT & SITE PLANNING AND FURTHER SUMMARY AREA CONTEXT CONNECTIVITY DESCRIPTION DEVELOPMENT INFORMATION RESIDENTIAL DEVELOPMENT OPPORTUNITY | WEST SILVERTOWN PLACE THE LOCAL AREA West Silvertown Place is located within the London Borough WINDJAMMER PUB THAMES BARRIER PARK of Newham. The Site can be found on the corner of North Woolwich Road, Boxley Street and Fort Street and is situated directly opposite Ballymore & Oxley’s Royal Wharf scheme. The Royal Wharf scheme will provide a total of 3,385 residential units and a variety of retail and leisure occupiers including the riverside pub The Windjammer, Sainsbury’s Local and a number of coffee shops and café’s including Triple Two and Starbucks. West Silvertown Place is located within touching distance of both the River Thames, the Royal Victoria Dock and the 17 acre Thames Barrier Park. The Royal Docks plays host to a number of Riverside and Dockside activities including watersports such as rowing, kayaking and wakeboarding, as well as the opportunity to unwind on the water at The ROYAL VICTORIA DOCK Oiler Bar, a bar and restaurant on a tanker. In the summer, the deckchairs and sand come out at Royal Victoria Beach providing an urban seaside away from the hustle and bustle of Central London. Silvertown is one of London’s leading regeneration areas, with a number of significant developments, including Lendlease’s Silvertown Quays located 0.2 miles to the east of the Site on the corner of North Woolwich Road and Mill Road. The first phase of the scheme gained detailed planning permission for 943 units at the end of 2019. RESIDENTIAL MARKET Silvertown is a vibrant regeneration area, which in turn has seen considerable price growth in recent years. We are of the view that residential values are in the region of £700 psf +. OPPORTUNITY LOCAL SURROUNDING TRANSPORT & SITE PLANNING AND FURTHER SUMMARY AREA CONTEXT CONNECTIVITY DESCRIPTION DEVELOPMENT INFORMATION RESIDENTIAL DEVELOPMENT OPPORTUNITY | WEST SILVERTOWN PLACE SURROUNDING CONTEXT 279-2191 North Woolwich Road Surrounding Context SCHEMES UNDER CONSTRUCTION (ASKING PRICES) 1 ROYAL WHARF (C. £725 PSF) 2 ROYAL EDEN DOCKS (C. £700 PSF) 3 PONTOON REACH (C. £700 PSF) MAJOR SCHEMES WITH PLANNING (NO. OF UNITS) 4 SILVERTOWN QUAYS (3,033) 14 5 DEANSTON WHARF (769) 2 AMENITIES 9 15 6 THAMES BARRIER PARK 7 ROYAL VICTORIA BEACH 8 8 WAKEUP WATERSPORTS 10 7 RETAIL & LEISURE 9 NAKHONTHAI RESTAURANT 4 10 THE OILER BAR 11 STARBUCKS 3 12 SAINSBURY’S 11 THE WINDJAMMER PUB 13 12 6 14 LA BARRIQUE WINE BAR & PIZZERIA 5 1 15 TAPA TAPA 13 OPPORTUNITY LOCAL SURROUNDING TRANSPORT & SITE PLANNING AND FURTHER SUMMARY AREA CONTEXT CONNECTIVITY DESCRIPTION DEVELOPMENT INFORMATION Ordnance Survey © Crown Copyright 2020. All Rights Reserved. Licence number 100022432 Plotted Scale - 1:14000. Paper Size - A4 RESIDENTIAL DEVELOPMENT OPPORTUNITY | WEST SILVERTOWN PLACE TRANSPORT AND CONNECTIVITY JOURNEY TIMES FROM WEST SILVERTOWN DLR 13 MINUTES CANARY WHARF BY DLR The Site benefits from excellent transport connectivity. The Site is situated between SIlvertown DLR to the west (300 metres) 18 MINUTES BANK and Pontoon Dock DLR to the east (450 metres). Services run on the Docklands Light Railway from this station north towards Stratford, west towards Tower Gateway and Bank in the City of 26 MINUTES BOND STREET London financial district and south towards Lewisham. BY TUBE Canning Town underground station (Jubilee Line) is located 1.2 CANNING TOWN miles to the west and is accessible via the DLR or 474 bus route. LEAMOUTH Crossrail’s proposed Custom House (Elizabeth Line) station is located 0.8 miles walk to the north and will provide direct access to the West End and Heathrow Airport when operational in 2021. ROYAL VICTORIA PRINCE REGENT BY BUS ROYAL ALBERT The closest bus stop is situated to the east of the Site on North CUSTOM HOUSE Woolwich Road. This is served by the 474 route, which runs across the borough towards Manor Park and Canning Town. RIVER THAMES BY AIR ROYAL DOCKS LONDON CITY AIRPORT London City Airport is also located 1.1 miles to the east of the PONTOON DOCK Site providing national and international flights. SILVERTOWN NORTH GREENWICH WEST SILVERTOWN RIVER THAMES OPPORTUNITY LOCAL SURROUNDING TRANSPORT & SITE PLANNING AND FURTHER SUMMARY AREA CONTEXT CONNECTIVITY DESCRIPTION DEVELOPMENT INFORMATION The Site Approved Oasis RM A Academy Scheme REGENERATION MASTERPLANNING ARCHITECTS 1943 279 North Woolwich Road for J.T. Downey Response to the DRP Presentation Street Typology Diagram of North Woolwich Road Street typology for the North side of North Woolwich Road North Woolwich Road has undergone significant change in recent years and a planned development which recognises the amenities being provided here, the connectivity of the DLR and its influence on this sustainable location, making this an ideal location for RESIDENTIAL DEVELOPMENT OPPORTUNITY | WEST SILVERTOWN PLACE redevelopment. The two street scene images illustrate the current character and typologies along both sides of North Woolwich Road. SITE The North of North Woolwich Road: • The site is located on the Northern side of North Woolwich Road and comprises a BP Petrol Filling Station and TERRACED HOUSE DESCRIPTION buildings leased by Silvertown Ambulance Service and a TITLE EX33722 TITLE: vacant two storey end of terrace residential property. EXISTINGNorth SITE EGL289570 The Site is located on the corners of Boxley Street, North Woolwich TITLE: 19610 • The site is bounded by two side streets at its east and Road and Fort Street. The Site extends to a total of 0.62 acres (0.25 PETROL STATION west ends (Fort and Boxley Street). hectares). TITLE: 4711 AMBULANCE STATION TITLE: EGL43686 • These are smaller scale residential streets with 2-3 storey The site currently comprises an ambulance station, petrol station houses on each extending north. and a terraced house currently used for storage. • Approval has been granted for a 5 storey school ‘Oasis South LEGAL North Woolwich Road Academy’ to the east of Fort Street (construction has The Property is held under five Freehold titles outlined on the plan begun on site). NOT TO SCALE on the right hand side. • Major development ‘Silvertown Quays’ is likely to be The area shaded in blue is occupied by Park Garage Group PLC TENANCY SCHEDULE carried out to the north-east of North Woolwich Road. on one lease until 26/08/21. The area shaded in red is occupied The proposed re-development will comprise a major GIA PASSING mixed-use development of approx. 3,000 new homes, by London Ambulance NHS Trust on two leases co-expiring on ADDRESS USE (SQ FT) TENANT LEASE EXPIRY RENT COMMENT 31/08/22. The area shaded in yellow is currently occupied as enhances amount of office and commercial spaces. storage by the vendor but will be offered with vacant possession. All 6-8 Boxley Terraced Owner Offered with vacant Street house 1,225* occupied n/a n/a possession of the existing leases are contracted out of S.24-28 of the Landlord and Tenant Act 1954. 278-289 North Petrol Woolwich Station 1,195** Park Garage 26/08/21 £60,000 Outside the ’54 Act Road Group PLC The total passing rent is £166,000 per annum. 291 North London Woolwich1 Bradfield Ambulance Road 6,657* Ambulance 31/08/22 £56,000 Outside the ’54 Act Road Station NHS Trust TECHNICAL development London A copy of the leases and EPC’s are available upon request. 1 Fort Street Ambulance 8,878*** Ambulance 31/08/22 £50,000 Outside the ’54 Act Station NHS Trust A measured survey of the existing buildings has not been carried out TOTAL PASSING RENT £166,000 and purchasers are advised to carry out their own due diligence. SOURCES: *VOA, **MEASURED USING PROMAP, ***HISTORIC LEASING DETAILS OPPORTUNITY LOCAL SURROUNDING TRANSPORT & SITE PLANNING AND FURTHER SUMMARY AREA CONTEXT CONNECTIVITY DESCRIPTION DEVELOPMENT INFORMATION The South of North Woolwich Road: Street typology for the South side of North Woolwich Road Road Woolwich North of side South the for typology Street • The busy road and the DLR provide challenges both in terms of noise impact and air quality. • To the south of North Woolwich Road, the site is exposed to a significant amount of regeneration with developments varying from 8 to 12 storeys. • Royal Wharf is a large mixed use development to the south of the site. The developments propose to provide additional new homes, offices and commercial units. • The character of these buildings are large narrow gables, generally north facing, with a simple pattern of secondary windows. The material palette used is typically brickwork with precast banding. • North Woolwich Road Corridor Scheme: The London Borough of Newham Highways department are currently 8 Storeys reviewing proposals for transforming North Woolwich Road.
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