An opportunity to acquire a freehold development site of 0.75 acres (0.3 hectares) adjacent to Sidcup Station. The site has planning permission for the demolition of the existing building and redevelopment to provide 11,549sqft / 1,073sqm of retail space at ground floor with 55 car parking spaces and 59 private flats above (27 one bed, 24 two bed and 8 three bed). There is no requirement to provide affordable housing. M&S have entered into a pre-let of the new retail space on completion on a straight 20 year lease with no breaks, 5 yearly upward only rent reviews at a rent of £365,000pa. There is a 6 month rent free period from occupation and £500,000 capital contribution for M&S fit out.
The completed scheme has a gross development value (GDV) of c.£30m and provides numerous options in terms of selling or retaining all or part of the completed development.
The existing property occupying the site comprises of a Co-op food store with vacant offices above and associated parking to rear. Co-op currently occupy their element of existing property at a rent of £164,000pa. They or the landlord can terminate the lease by providing 3 months' notice. The site will be sold with Co-op in occupation, therefore there is short term income until the buyer requires vacant possession to start construction. Please note that The Iron Horse Public House is not included in the sale, nor does it form any part of the redevelopment scheme. This property has rights to use 20 of the retail parking spaces.
Sidcup, on the outskirts of London with central London is one direction and Kent (the garden of England) and Kent coast in the other has always been a popular location. Our Sidcup estate agency office has seen demand increase considerably during the last 6 months for both houses and flats.