A plot of land beside Sidcup station which saw approval in 2019 for 59 flats and a pre-let agreement with Marks & Spencer has seen its sale price reduced from £10 million to £7.75m. It has languished on the market for some time without a buyer.
Co op currently have a branch on site, with an advert stating they can be evicted with three months notice:
“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.”
It also states details of M&S:
“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.”
One potential issue is M&S announced in August they will be cutting 7,000 jobs. Whether that pre-let would transfer to actually opening remains to be seen.
The site has no “affordable” housing at all.