Sidcup M&S and flat development to begin 2022: Co-op closing soon

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.

Courtesy Google. Current site

The current store is to be demolished for the mixed-use development including a Marks & Spencer food store.

View from Sidcup station exit ramp

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.

 

 

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John Smith

I've lived in south east London most of my life growing up in Greenwich borough and working in the area for many years. The site has contributors on occasion and we cover many different topics. Living and working in the area offers an insight into what is happening locally.

One thought on “Sidcup M&S and flat development to begin 2022: Co-op closing soon

  • October 16, 2021 at 1:41 pm
    Permalink

    Mixed use developments consisting of commercial space and houisng are a better use of space than retail sheds. Building some affordable homes would make more financial sense for the developer rather than giving £600,000 to buy two or three houses.

    Like Greenwich neighbouring Boroughs are seeing there housing waiting list rise week by week.

    Reply

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