75-89 Wallis Road & 59 Berkshire Road, Hackney Wick, London, E9 5LN
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1 East London Mixed-Use Development Opportunity CGI of Proposed Scheme
2 Summary A mixed-use development opportunity located in Hackney Wick within the jurisdiction of the London Legacy Development Corporation. A 0.25 hectare (0.62 acres) site comprising existing warehouse buildings and yard space fronting Wallis Road and Berkshire Road. Located approximately 160 metres north of Hackney Wick Overground station Planning permission for 44 residential apartments (39 private) with a net saleable area of 2,852 sq m (30,697 sq ft) and 1,997 sq m (21,496 sq ft) of commercial floor space. For sale freehold with vacant possession. LOCATION The site is located at the junction of Wallis Road and Berkshire Road, Hackney Wick, in the London Borough of Hackney and within the jurisdiction of the London Legacy Development Corporation (LLDC). Hackney Wick and Fish Island has a thriving arts, entertainment and business community, with many industrial buildings now home to bars, cafés and office space occupied by companies working in the art, design and tech sectors. Stratford is to the immediate east of Hackney Wick and can be reached on foot from the site over new bridges from Hackney Wick or one stop on the Overground. Queen Elizabeth II Olympic Park, connected to Wallis Road by a new footbridge, is the largest new urban park in Europe in 150 years, extending to approximately 230 hectares (568 acres). To the west of Hackney Wick, and also accessed via a footbridge, is Victoria Park, which has a boating lake, formal gardens, sports pitches and hosts some of London s best music festivals. Extensive retail and leisure amenities can be found in Stratford, at the Westfield Shopping centre, which has 250 shops, 70 dining venues, a 17-screen cinema, ten-pin bowling venue and the UK s first super casino. The site benefits from good transport links, with Hackney Wick London Overground station approximately 160 metres to the south and Stratford station approximately 1.5km to the east, or one stop on the Overground. Stratford provides access to National Rail, Jubilee and Central Line underground trains, London Overground, the DLR and Crossrail Services from The site is well served by multiple bus routes operating from Hackney Wick Station, and other buses along Wallis Road and Berkshire Road.
3 Red line indicative only
4 DESCRIPTION The site extends to approximately 0.25 hectares (0.62 acres) and is bounded by Wallis Road to the south, Berkshire Road to the west, and by a warehouse building to the north. To the east is 99 Wallis Road, an attractive warehouse building, one of the areas heritage assets which has been redeveloped, with a micro-brewery and shared office space. The site currently accommodates a number of industrial buildings with an associated yard fronting Wallis Road. Hackney Wick Station NOTE:- Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office. Crown copyright licence number Savills (UK) Ltd. NOTE:- Published for the purposes of identification only and although believed to be correct accuracy is not guaranteed. Red line indicative only
5 PLANNING The site is in the London Borough of Hackney within the jurisdiction of the London Legacy Development Corporation. It is in the Hackney Wick Conservation Area. There are a number of contiguous buildings considered non-designated heritage assets and are identified as contributing to the character and appearance of the conservation area. The buildings on the site are not statutorily or locally listed. Planning permission (REF: 15/00338/FUL) has been granted for: Mixed use development comprising demolition of some existing buildings, extension and alteration of buildings retained, and erection of new part four (4) storey building with basement and part five (5) storey building with a maximum parapet height of 21.8m AOD to provide 2,133m² (GIA) of commercial space (use class B1, with up to 700m² A1 and D1 use) with yard area, 44 residential dwellings (3 x studio, 15 x 1 bedroom, 16 x 2 bedroom and 10 x 3 bedroom), upper level amenity areas, cycle parking and refuse/ recycling stores. The retained buildings, known as the Rubber Works, are situated along the majority of the northern boundary of the site, but do not have any frontage on Berkshire Road. These will be developed for a commercial use, including studios, workspace and exhibition space, a reception area and a small ancillary café space provided to the rear. The upper floors and proposed mezzanine levels within the building would be used as open plan workspace to ensure the historic integrity of the internal spaces and the attractive timber kingpost trusses can be appreciated. All other buildings on site are to be demolished allowing for the reinstatement of the historic yard in the centre of the site, which will be the focal point for the development and inject a vibrant atmosphere into this part of Hackney Wick. The apartments will be within new buildings over the 1st to 4th floors. All will have private balconies or roof terraces, and many will enjoy an outlook over the heritage buildings on the site and adjacent. CGI s of Proposed Scheme Apartment Mix Studio 1 Bed 2 Bed 3 Bed Total Private Sale Intermediate Total Residential NSA Sq M Sq Ft Private 2,545 27,397 Intermediate 307 3,302 Total 2,852 30,699 Commercial GIA Sq M Sq Ft Lower Ground 125 1,345 Ground 1,360 14,638 First Floor & Mezzanine 512 5,511 Total 1,997 21,494 Summary GIA Sq M Sq Ft Residential 3,653 39,317 Commercial 1,997 21,494 Plant 136 1,464 Total 5,786 62,275 SECTION 106 and CIL The Section 106 Agreement requires that if development has not Substantially Commenced within 15 months of the date of the planning permission then a viability review is required. The Section 106 Agreement also requires the payment of a Design Monitoring contribution, up to a maximum of 50,000, if the architects Stock Woolstencroft are not retained to oversee the design quality of the development and another 6,000 monitoring fee, both of which will be index-linked. A carbon offset contribution may be required. A committee report dated 22 March 2016 contains a CIL liability estimate of 448,903.
6 East London Mixed-Use Development Opportunity METHOD OF SALE The property is for sale freehold with vacant possession by way of informal tender (unless sold prior). VAT The property is elected for VAT. FURTHER INFORMATION Further information relating to the property and the consented scheme is available at the dataroom website below. The site can be viewed from the public highway. If you require an internal inspection of the property then please contact the sole selling agents to make an appointment. CONTACTS Darren Arnold Sean Cooper Angus Millar Important Notice Savills, their clients and any joint agents give notice that: 1. They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. 2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise. Designed and Produced by Savills Marketing: October 2016 CGI of proposed scheme
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