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 agreed a pre-let of the retail space on completion on a straight 20 year lease with no breaks at a rent of £365,000pa.
The completed scheme has a gross development value (GDV) of over £30m and provides numerous options in terms of selling or retaining all or part of the completed development. Co-op currently occupy the 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.