News in London and beyond

Sidcup

Sidcup Marks & Spencer & housing site: £2.25 million knocked off asking price as no takers

View from Sidcup station exit ramp

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.

 

 

 

4 Comments

  1. Roy

    Looking at the facts and figures, it seems to me that £365,000 pa is an awaful lot of money for that kind of Retail business.
    The few times i have been in Sidcup i have always thought of it as a sleepy little place, on the road to somewhere.
    I doubt if any business would be interested in that kind of Rent.
    Seems to me the plan should be to attract business to an area, remembering that not only are Rents to be paid but also Business rates which can equal the Rent.
    So low Rent would be a good incentive, but i think this would be too radical for Greenwich Council with their mind.
    I seem to remember Ryanair are successful because they find out of the way airports with low charges, and are the most successful airline in Europe

    • CM

      Sidcup is LBBexley, not RB Greenwich

    • Sidcup is in the Borough of Bexley.

      I think the plot is best suited to housing. In these covid times and the further downturn it has caused, no-one is going to cough $365,000 per year. Hell, the owners can’t even sell the site.

  2. CDT

    As it is unlikely in these difficult times that a buyer will be found for the site or a retailer to rent the commercial space at the high rent of £ 365,000.

    Build housing on the site with homes built on the ground floor where the commercial space would have been for elderly and disabled residents which will be easily accessible and suitable for a person with mobility issues or is a wheelchair user.

    We are seeing less homes built for the elderly and disabled residents on new developments.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.