Earlsfield Riverside SW18 4RL Earlsfield RiversideLONDON SW18 4RL SOUTH WEST LONDON RESIDENTIAL DEVELOPMENT OPPORTUNITY Earlsfield Riverside SW18 4RL Executive Summary - Riverside location a short walk from Earlsfield Station - Resolution to grant planning permission for a new build scheme comprising 129 residential units: 105 private units totalling 82,568 sq ft (7,670.6 sq m) NSA 9 intermediate units totalling 6,990 sq ft (649.4 sq m) NSA 15 affordable rent units totalling 10,605 sq ft (985.2 sq m) NSA Office accommodation totalling 11,796 sq ft (1,095.9 sq m) NIA - 1.83 acres / 0.74 hectares - A large proportion of private residential units qualify for Help to Buy - For sale via informal tender - Unconditional offers are invited for the freehold interest Computer generated image of Wandle Terrace PAGE 1 Wandsworth Common Ram Quarter & Southside Shopping Centre Spencer Lawn Tennis Club Westfield Waterside (Linden) Earlsfield Station Earlsfield High Street Earlsfield Primary School The River Wandle Wellington Works (Goldcrest) Durnsford Park Recreation Ground PAGE 2 Earlsfield Riverside SW18 4RL A Vibrant Location The site is accessed from Ravensbury Terrace, a short walk from Earlsfield to the east, to the south of Wandsworth and east of Wimbledon. Earlsfield is an affluent and established suburb of south-west London characterised by Victorian terraced housing with large open spaces including Wandsworth Common, Wimbledon Park and St George’s Park, which the River Wandle runs through. Locally, Earlsfield village has embraced a café culture that is exceptionally popular with young professionals and families with its range of artisan coffee shops sitting alongside established child friendly restaurants such as Carluccio’s. Southside Shopping Centre is located at the northern end of Garratt Lane, approximately 1 mile from the site and provides an extensive retail and leisure offering with high street stores including Gap, Oliver Bonas, Topshop and Waterstones, as well as a Waitrose, 14 screen cinema, gym and restaurants. PAGE 3 Earlsfield Riverside SW18 4RL For Business and Pleasure There are a wide range of amenities within the local vicinity including the Nuffield Health Centre, the Spencer Lawn Tennis Club, the Wimbledon Farmers’ Market and Wimbledon Park (tennis and golf). Local schools include Wimbledon Park Primary School, Garratt Park School and Burntwood School. PAGE 4 Earlsfield Riverside SW18 4RL RIVER THAMES 5 20 BATTERSEA A 3 32 P A u 2 tn 0 ey Bri dg 217 e A 6 Ro 3 PUTNEY ad 0 3 WANDSWORTH TOWN A e s CLAPHAM i R S a o e COMMON u rs uth C th e So tt N C l a i i l r i B O rc c u H u la 3 st R A 3 a l r 3 T R E A a H EAST PUTNEY A r 2 o C a R d ll O i B High H o rth st T wo St a OL a ands reet E E d W I R NGBROK O A D 1 A l D O il R t H OD s O e E W W M G O 3 RO Local Amenities A RO B G VE A R WANDSWORTH R COMMON A T A Primary Schools T 21 E L N D 4 11 A A L KING A E N 1 Floreat Wandsworth Primary O T AL GEORGE’S E R ri G IN n T 2 Beatrix Potter Primary PARK D i H L IG t N E y I 3 Garratt Park School F Road S 1 L 4 Wimbledon Park Primary R AD A A 9 O 2 Earlsfield Primary E 5 D 1 14 8 E R A U O V WANDSWORTH COMMON R 4 E K 3 L 2 Nurseries L R SOUTHFIELDS 3 B E A B P 1 Eddie Catz (play centre) N O The Little House Nursery 2 D BALHAM E 2 L EARLSFIEL D 3 Sticky Fingers B M BALHAM I 7 EARLSFIELD Earlsfield W d 1 a Riverside E Places of Interest 5 N o A 5 L R D D 4 O h 1 Southside Shopping Centre U O 8 g 6 i W 2 R T N Ram Brewery N H 2 R U S 15 B m F 3 Tooting Broadway Market a O 13 h 9 R 4 l R 2 4 Earlsfield High Street 2 I a D 3 B V B 5 Carluccio’s R E UPPER O R TOOTIN G A 6 Café Nero W D TOOTING BEC A WIMBLEDON Spencer Sports Club 12 7 N PARK D 4 Battersea Ironsides GROSVENOR 8 2 L A D E 10 WAY 9 Magdalen Tennis Club A D WIMBLEDON PARK TOOTING A O d O a 10 Wimbledon Park R BEC R o H R R 11 Wandsworth Common C G U A g R RR H A n U T i 12 Garratt Park T T t H R L o A C A 13 Durnsford Road Recreation Ground N o E T N E r King George’s Park A e 14 L p Wimbledon Farmers’ Market H p 15 G U U O 3 PL TOOTING BROADWAY GAP ROAD PAGE 5 Earlsfield Riverside SW18 4RL Well Connected Transport links to the site are excellent. Earlsfield railway station (Zone 3) is located within 250 metres and provides regular services (every 4 minutes at peak times) to Clapham Junction (London Overground), Waterloo (14 minute journey time) and Wimbledon. In addition, Wimbledon Park station (District Line) is located 800 metres to the south-west. There are also a number of bus routes running along Garratt Lane providing good access to both the immediate and wider area. Journey Times Earlsfield Clapham Junction Waterloo 3 minutes on train 14 minutes on train Wimbledon Park Earl’s Court Victoria 15 minutes on train 23 minutes on train A3/M25 JCT 5 miles M4 Motorway 6 miles M3 Motorway 10.5 miles Heathrow 14 miles Gatwick 33 miles PAGE 6 Earlsfield Riverside SW18 4RL Residential Market Overview There has been limited development locally of significant note, principally due to the fact that the majority of the Earlsfield area was developed in the Victorian era. This is in stark contrast to Wandsworth, where there are a number of schemes including: Ram Quarter – The redevelopment of the former Ram Brewery by Greenland to provide 661 units (595 private & 66 intermediate). The first phase of the scheme has now Ram Quarter Bronze, Buckhold Road completed and phase II has been launched with asking prices in excess of £850 psf. Bronze - Buckhold Road – A new build scheme of up to 18 storeys to provide a wholly private residential scheme of 77 units. Quoting in excess of £875 psf. South Thames College – L&Q’s development which will provide 202 units (151 private & 50 intermediate). Construction commenced in June 2017 and will run until late 2018. Private sale units will be launched in Q2 2018. More locally, Linden Homes have recently completed Westfield Waterside, a 193 unit scheme where the latest flats have averaged £815 psf. There is little new development in the immediate vicinity with the closest major scheme being the proposed redevelopment of the former Wimbledon Greyhound Stadium. South Thames College PAGE 7 Earlsfield Riverside SW18 4RL Provision of Co-worker Space by Sector (Source: GLA) Digital technology Advertising, Marketing, Communications, Brand Consultancy, Publishing Office Market Designer-Makers, Product Design Overview Production, TV, Music & Photography Social Enterprise and Charity In response to the growth in the wider gig economy and with a view to creating an integrated environment, the proposed scheme provides a combination of both office and co-worker Clothing & Fashion accommodation at ground and part 1st floor level. Management Consultancy or Business Services (e.g. legal, finance) Whilst co-worker space is a relatively recent phenomena, it is expanding rapidly and take up tends to be focused on Education & Training areas with strong transport links (such as Earlsfield) and with a broader backdrop of amenities and services. The scheme has been designed to offer two floors of contemporary Architecture accommodation, which is capable of providing attractive office units, studios and workshops in addition to an on-site 0% 5% 10% 15% 20% 25% 30% café. The space has been designed to allow for appropriate sub-division with a manned reception and break out spaces. Outer London Office Rental Value Growth More broadly, the Greater London office market has seen (Source: MSCI) an 11.2% rise in rental levels in the last 3 years. In part, this is in response to the loss of employment space to residential led development. However, it is also the case that many 200 businesses have sought to re-locate from Central to Greater London to provide accommodation that better represents their business on a more economic basis, an example being Squire and Partners’ relocation to Ferndale Road, Brixton. 160 Submarket Headline Rents Putney £45-50 psf 120 Rental Growth (MSCI Index) Growth Rental Wimbledon £40 psf Wandsworth £35 psf Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Year PAGE 8 Earlsfield Riverside SW18 4RL Riverside Location Earlsfield Riverside is accessed from Penwith Road to the north. The site is broadly rectangular in shape on a south- west axis and is bounded by terraced housing to the west, the railway embankment and River Wandle to the east and the Rufus Business Centre to the south. The site presently has a roadway running through it providing access to the Rufus Business Park to the south, which will be relocated within the site as part of the planning permission and, on completion, will provide continued access through the property.