2-12 High Street Stratford, E15 2pw

Transcription

1 2-12 High Street Stratford, E15 2pw

2 Summary Located on High Street, Stratford on the fringes of the future Bounded by Bow Back River Equidistant to Bow Church DLR and Pudding Mill Lane DLR Site area 0.211ha (0.52 acres) Planning permission for 191 apartments including: 38 x 1 bed apartments 109 x 2 bed apartments 44 x 3 bed apartments Total proposed development of 13,131 sqm (141,343 sqft) NSA of residential and 639 m2 (6,878 sqft) of commercial space Section 106 agreed Currently producing 109,400 per annum income.

3 Location The site is located on High Street, Stratford in the London Borough of Newham within 400 yards directly south of the Olympic Legacy Park and village and to the north of Bromley by Bow. To its east is Stratford and to the west Bow. Access to the site is taken from the High Street, which connects directly onto the A12. The site sits at the junction of the A11 and the Blackwall Tunnel approach road (A12). The A12 connects directly south to the Blackwall Tunnel and Canary Wharf and to the north and east out of London towards Essex and the A406 north circular. The A11 connects directly south west to Aldgate and the City. Pudding Mill Lane DLR and Bow Church DLR are within 450 yards north and west of the site respectively. Both stations connect directly to Canary Wharf to the south and Stratford to the north. Bow Road underground station is c600 yards west of the site providing the District and Hammersmith and City lines. It connects to the Central line within one stop. The surrounding area is under development as part of the Olympic Legacy Plans, including high rise residential along the High Street, Queen Elizabeth Park to north of Pudding Mill Lane and residential led mixed use developments north of the Bow Back River and south of the High Street.

4 Description The site is approximately ha (0.5 acres) and was historically 2 sites that have been merged into a single planning application site. The north western boundary of the site is bound by the Bow Back River which acts as a boundary between the site and the Olympic Park. The north eastern boundary is Cooks Road. To the south is Stratford High Street which connects directly onto the A11 and acts as a link road from the A12 to the A11. No 2-4 High Street The site was historically a car storage area and is now used as a temporary car wash. The ground covering is hardstanding.the site takes access off and is bound by Stratford High Street. It is also bound by Bow Back River to the north, the A12 to the West and No 6-12 High Street to the East. No 6 12 High Street The site houses a large vacant factory facing the High Street to the south, Cook s Road to the east and Bow Back River to the north. To the north of the combined sites the light industrial area falls within the newly appointed ( ) London Legacy Development Corporation (LLDC) and is the subject of various mixed use residential and employment redevelopment proposals.

5 Planning The site has planning consent from the London Borough of Newham (Planning reference: 10/90519/FUMODA) dated 28th March 2012 for: Development comprising 15 and 35 storey building to provide 639 sqm of commercial floor space and 191 residential units with 41 car parking spaces, 307 cycle parking spaces, gym, crèche, landscaping and riverside walkway. The planning consent allows for a 100% private unit scheme totalling 13,131sqm Net Saleable Area and is subject to conditions.the associated Section 106 agreement has been agreed and requires a number of financial contributions to be paid by the developer. We are informed that the Olympic Development Agency s (ODA) legal fees (sum of 16,500) and monitoring contribution requirement from the developer, have been paid by the vendor and discharged from the Section 106. In lieu of affordable units within the scheme, there is a requirement for an affordable housing contribution to be paid in 2 stages and is linked to the GDV achieved on sales. A break down of affordable housing payments and a summary of Section 106 payments can be found in the following link: Affordable Housing and Section 106 Payments Click here to download the Planning Consent Click here to download the agreed Section 106 agreement

6 accommodation The proposed scheme will consist of 2 towers, one on the eastern part of the site and the other on the western. The residential element of the scheme totals 13,131 sqm NSA in 191 apartments, as well as 639 m2 (6,878sqft) of commercial space, 41 car parking spaces and 307 cycle spaces. The eastern tower will consist of a 15 storey building with a total of 44 apartments and commercial. The western tower will consist of a 35 storey tower with a total of 147 apartments.the towers will be linked to one another at podium level where there will also be communal gardens. Both of the buildings have entrances from the river side and the eastern building has an entrance on the junction of Cooks Road and High Street also. Below shows a summary schedule of accommodation: Unit Type 1 Bed 2 Bed 3 Bed TOTAL Building Building Min Unit Area Total Units There is no proposal for a basement with car and cycle parking being situated on the 2nd and 3rd floors at the podium level where the towers connect. Click here to download a detailed schedule of accommodation.

7 Stratford City has been targeted as an area of regeneration with a provision for 2,900,000 sqft (270,000 m2) of retail and leisure space, 1,300,000 sqft (120,000 m2) of hotel space, 6,600,000 sqft (610,000 m2) of commercial district space, 16,400 new homes, 180,000 sqft (17,000 m2) of community facilities, and two energy centres capable of providing 75% of the sites energy needs. A considerable amount of retail has been developed through the Westfield Shopping centre providing the largest shopping centre in Europe. The area south of High Street is known as Sugar House Lane and is currently being masterplanned by Ikea for regeneration to provide in the region of 1,500 new homes, retail, office accommodation and community facilities.

8 queen elizabeth park The forthcoming Olympic Games this summer has provided a catalyst for regeneration of the surrounding area which will have an undoubted ripple affect to sites on the outskirts of the park such as 2-12 High Street. The Olympic Park is to be re named the Queen Elizabeth Park and aims to provide 8,000 new homes in 5 new communities over the next 20 years, supported by new schools, nurseries, health centres and community spaces, sitting alongside the sporting venues and 6.5 km of waterways and open spaces, that will host a range of cultural and sporting attractions. The southern most community will be know as Pudding Mill and sits on the opposite side of Bow Back River to the subject site. A description of Pudding Mill Neighborhood from The Olympic Park Legacy Company: Residents of this neighborhood will have a nursery, community and health centre, with innovatively designed new homes positioned along the Bow Back Rivers. It is also the closest neighborhood to the secondary school that will be built in the Park. Located adjacent to Stratford High Street, it is well serviced by public transport and will in the near future become home to Crossrail. The Site a

9 crossrail Crossrail is a proposed overground and underground tube and rail line connecting east and west London. It will consist of 39 stations from Maidenhead in the west to Shenfield in the East and will provide up to 24 trains per hour in peak times. There is a proposed stop at Stratford due for completion in As a result it will connect the area to the below important stations: Station Connections Stops Mins Liverpool Street National Rail 2 8 Circle, Metropolitan, Northern Hammersmith & City Canary Wharf Jubilee, DLR 2 9 Bond Street Jubilee, Central 5 16 Paddington Circle, District, Bakerloo, 7 18 Hammersmith & City Heathrow T1,2,3 Piccadilly, International flights Heathrow T4 Piccadilly, International flights 13 48

10 Gallery The Site

11 Gallery The Site

12 Gallery The Site

13 Gallery The Site

14 Gallery The Site

15 Tenancy Info The site is currently occupied by 2 tenancies and a licence producing a total of 109,400 per annum. Two of the tenancies require a 1 month notice period to terminate the lease whilst the 3rd requires a quarters notice to terminate. Property Tenant Term Lease End date Rent pa Termination Notice Notes Commencement Advertising Hoarding at JCDecaux 5 years 1st April th March ,000 1 month notice 2-4 High St Car Wash/Hard Standing Loni Hand Car Wash and Rolling 15th July 2011 Rolling until 2,200 1 months notice Valeting Centre terminated per mth Raised advertising hoarding at 2-4 High St Continental Advertising Ltd 3 years 1st January nd January ,000 1 quarters notice Provisions of Section of the 1954 Act be excluded from the lease Copies of the leases and licence are available on request.

16 Further Info Please click on the links to download

17 Contact US Jonathan Vandermolen Blenheim Bishop T: E: Tim Barton-Knott Blenheim Bishop T: E: Ed De Jonge Savills T: E: Andrew Boyd Savills T: E: 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. MISREPRESENTATION ACT: Blenheim Bishop for themselves and for the vendors of this property whose agents they are, give notice that The particulars are set out as a general outline only for the guidance of intending purchasers and do not constitute part of an offer or contract. All descriptions, dimensions, references to condition and necessary permissions for use and occupation and their details are given in good faith and are believed to be correct,, but any intending purchasers should not rely on them as statements of representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. Unless otherwise stated, all prices, rents, and other charges are quoted exclusive of VAT. Any intending purchasers or tenants must satisfy themselves independently as to the incidence of VAT in respect of any transaction. All plant, machinery, equipment, services and fixtures referred to in these particulars were present at the date of publication. They have not however been tested and therefore we give absolutely no warranty whatsoever in relation to this property or these particulars nor enter into any contract on behalf of the vendors. No responsibility can be accepted for any expenses incurred by the intending purchasers in inspecting the properties which have been sold or withdrawn Created for Blenheim Bishop by Design for Life previous