78-94 ORMSIDE STREETP E C K H A M , L O N D O N S E 1 5

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EXECUTIVE SUMMARY

• Freehold development site for sale;• with planning permission approved for • a contemporary mixed-use scheme • Scheme ideally located in emerging • • Bermondsey market, just 0.6 miles from • South Bermondsey station that provides • trains into London Bridge in just 1 stop • Permission grants the demolition of the • existing building, and construction of a• 9-storey building in parts, delivering • 19,214 (GIA) of B1 commercial • accommodation and 56 residential units • (17 x 1 beds, 25 x 2 beds and 14 x 3 beds) • The residential element of the consent • approved by Southwark Council • incorporates 36 private apartments, • 6 shared ownership units and 14 units • allocated for social rent. The total NSA • is 39,267sqft for the residential • Vacant possession to be offered, which • will allow an incoming purchaser to begin • on site immediately • Offers are invited in excess of £7,000,000 • for the freehold interest with the benefit • of full planning permission, or cash payment • in excess of £5,500,000 with the • commercial unit handed back to the • vendor built, in shell and core condition

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EXISTING SITE/AERIAL

The site is located on Ormside Street, within the London Borough of Southwark. This location was included within the Old Kent Road Action Area, which was implemented in 2014. The existing building was a former print works (B1 & B2), and provides 19,528sqft of accommodation. This space is laid out over ground and first floors. The property is offered with full vacant possession, which will allow an incoming purchaser to begin on site following completion.

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SOUTH BERMONDSEYOLD KENT ROAD

ROTHERHITHE NEW ROAD

PECKHAM

LONDON BRIDGE

78/94 ORMSIDE STREET

LOCATION The site is located on the south side of Ormside Street, with an additional frontage on the east side of Manor Grove. The property is also a short distance from Ilderton Road (to the west) which adjoins Rotherhithe New Road (A2208) and the Old Kent Road (A2). The subject property is surrounded by a range of different uses with residential accommodation to the south on Manor Grove and industrial to the north.

Ormside Street is located within the Old Kent Road opportunity area which has received a huge amount of press since it was named as an opportunity area in 2014. South Bermondsey railway station is located a short 10-minute walk to the North (0.6 miles) providing services into London Bridge in just 1 stop. Also, to the north will be the new Bermondsey Station on Surrey Canal Road providing access to the London overground network.

In addition, it has been indicated within the Area Action Plan (AAP), that one of the new tube station entrances will be just to the north of Asylum Road. This will mean that the site will be connected to the Bakerloo line in under half a mile.

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SECTION 106 & CIL A S106 agreement has now been agreed and consists of the following obligations: • 35% affordable housing provision on site • comprising 20 units;• — 6 units are shared ownership tenure• — 14 units are social rented tenure • S106 costs are estimated to £274,439 • to Q1 2019

• CIL payment (estimate including Mayoral • and Southwark) £477,260 to Q1 2019 • 15% of the commercial floor space is to • be for affordable workspace at a rate of• £12psf over a 15-year period

PLANNING & CONSENTED SCHEME The subject site obtained a resolution to grant planning from Southwark council in December 2018 under reference 18/AP/1049 for; “... the demolition of existing buildings and structures, to deliver a mixed use building of up to nine storeys (ten storeys including the mezzanine at entrance level) plus rooftop plant. The building will comprise 2058 square metres of new and replacement commercial floor space (Class B1) together with 56 residential units (Class C3) and will include the creation of a new basement, hard and soft landscaping, reconfigured servicing arrangements and other associated works.”

The consented scheme has been designed by a high-quality consultancy team consisting of GML Architects and Rolfe Judd planning consultancy. Planning is resolved to provide 39,267sqft of residential NSA which is made up of 56 apartments. Of the 56 units, 36 apartments will be private sale, 6 sold as shared ownership and 14 for social rent. The site will also provide 19,214 sqft (GIA) / 22,152 sqft (GEA) of high-quality commercial (B1) workspace. This space will be delivered over basement, ground and mezzanine levels.

ACCOMMODATION SCHEDULE

UNIT TYPE NIA

FLOOR 1B/2P 2B/3P 2B/4P 3B/5P SQ M SQ FT

8TH 0 1 0 2 228 2,454

7TH 0 1 0 2 229 2,465

6TH 3 2 0 2 441 4,747

5TH 3 2 0 2 442 4,758

4TH 3 3 1 2 580 6,243

3RD 3 3 1 2 580 6,243

2ND 3 5 1 1 580 6,243

1ST 3 4 1 1 568 6,114

GROUND - - - - 504 5,425

17 21 4 14 3,648 39,267

- - - - 1,785 19,214

TOTAL - - - - 5,433 58,481

PROPOSED BUILDING ELEVATION

BASEMENT - - - - 637 6,857

RESIDENTIAL TOTAL

COMMERCIAL TOTAL

RESIDENTIAL

COMMERCIAL

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MEZZANINE - - - - 644 6,932

PROPOSED BASEMENT FLOOR PLAN

6,857 SQFT - 637 SQM

PROPOSED GROUND FLOOR PLAN

5,425 SQFT - 504 SQM

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COMMERCIAL FLOOR PLANS

PROPOSED MEZZANINEFLOOR PLAN

6,932 SQFT - 644 SQM

PROPOSED 3RD FLOOR PLAN

6243 SQFT 580 SQM

PROPOSED 5TH FLOOR PLAN

6243 SQFT 580 SQM

RESIDENTIAL FLOOR PLANS

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EXAMPLE FLOOR PLANS ARE SHOWN ABOVE FOR SELECTED FLOORS. A FULL SET OF FLOOR PLANS ARE AVAILABLE UPON REQUEST

PROPOSED 4TH FLOOR PLAN

6243 SQFT 580 SQM

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PEC K H AM R OAD PEC K H AM H IG H STR EET Q U EEN S R OAD N EW C RO SS R OAD

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NEWCROSS GATE NEW CROSS

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SURREY QUAYS

QUEENSROAD

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PECKHAM RYE

ELEPHANT & CASTLE

BURGESS PARK

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78/94 O R M S I D E ST R E E T

COMPARABLE SCHEMES SOLD Bermondsey Works SE16 Bermondsey Works by Telford Homes comprises 18 storeys, and delivered 148 apartments. Completion – July 2016. Average prices were £676psf. Cape Apartments SE16 Boutique development of 9 apartments constructed by IPE Developments. Apartments were completed in 2017. Average sales were £700psf. Q, Queens Road SE15 Development by Higgins Homes, delivering 47 apartments. Site was completed in 2016. Average sales were recorded at £750psf. Woods Road SE15 Development carried out by Crest Nicholson, delivering 83 apartments. The scheme completed in Q2 2017. Sales averaged at £750psf.

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DEVELOPMENT PIPELINE Ruby Triangle, SE15 Avanton & A2 Dominion have permission to redevelop their site to provide 1,152 new homes and 100,000sqft of commercial. Cantium Retail Park, Old Kent Road SE16 Galliard and Aviva have come together and acquired 4.69 acres just off the Old Kent Road to redevelop into over 1,000 homes. Malt Street, Old Kent Road SE16 Berkeley Homes have comprehensive plans under Southwark’s consideration to redevelop a five-acre former meat factory site.

Southernwood Retail Park, Old Kent Road, SE1 DTZ Investors are managing the redevelopment of the site, and are proposing 800 homes, 250 bed hotel and associated retail.

MARKET COMMENTARY The site is located on the southern fringe of the Bermondsey market. The mayor and Southwark have looked to introduce the Old Kent Road Opportunity Area to transform the area. This will include 20,000 new homes, supported by a proposed Bakerloo Line from Elephant and Castle to Lewisham. Bermondsey has seen house prices climb by 114% since 2006. This has been as a result of its central location (just 25 minutes’ walk to the City). Please find link below to Southwark’s dedicated website to the Old Kent Road and its proposed transformation;

https://oldkentroad.org.uk

From reviewing Government statistics for the borough of Southwark, official estimates suggest 3,089 new dwellings are needed every year until 2026 in order to meet demand. Where only 2,412 dwellings were delivered during 2016/17. Our research of comparable schemes close by, along with the huge amount of regeneration planned for this location; gives us confidence in residential resales to average at £675psf, and commercial capital values to be at £250psf in shell and core or £350psf if fitted out for the completed scheme.

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TENUREThe property is held freehold under the title number TGL34965

PROPOSALOur client is happy to consider two different types of proposal as follows: i) Offers are invited in excess of £7,000,000 for the purchase of the site outrightii) Offers are invited in excess of £5,500,000 for the purchase of the site, with the commercial being handed back in shell and core condition on practical completion

We understand that the property has not been elected for VAT

FURTHER INFORMATION / VIEWINGSPlease contact Henshall & Partners who are appointed as sole selling agents for any further information. Additionally, if you would like to arrange an internal inspection of the site.

� info@henshallandpartners.co.uk

� +44 (0) 207 299 4230

OS PLAN

Important NoticeParticulars: 1. These particulars are not an offer or contract, nor part of one. You should not rely on statements by Henshall & Partners in the particulars or by word of mouth or in writing (“information”) as being factually accurate about the property, its condition or its value. Neither Henshall & Partners Ltd nor any joint agent has any authority to make any representations about the property, and accordingly any information given is entirely without responsibility on the part of the agents, seller(s) or lessor(s). 2. Photos etc: The photographs show only certain parts of the property as they appeared at the time they were taken. Areas, measurements and distances given are approximate only. 3. Regulations etc: Any reference to alterations to, or use of, any part of the property does not mean that any necessary planning, building regulations or other consent has been obtained. A buyer or lessee must find out by inspection or in other ways that these matters have been properly dealt with and that all information is correct. 4. VAT: The VAT position relating to the property may change without notice.

Henshall and Partners Ltd (Reg No:10712199). Registered Address: Onega, 112 Main Road, Sidcup DA14 6NE.

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