Developer Purelake have revealed they will demolish the co-op in Sidcup and begin work on a replacement development in 2022.
Purelake state they’ve purchased this site. It was up for sale at £10 million but there were no takers, and so reduced to £7.5 million in late 2020.
The current store is to be demolished for the mixed-use development including a Marks & Spencer food store.
The advert from November 2020 stated:
“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.”
Notice has apparently now been given.
In terms of the future occupant it stated:
“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.”
Above the shop will be 59 flats approved in 2019. There is no “affordable” housing at all. Instead developers will pay £600,000, which will buy around 2 or 3 homes.
That’s an extremely low level considering the development size and will add further financial pressure to Bexley Council to house homeless households in private letting sowing to a lack of truly affordable housing.