56-72 MARKET PLACE ROMFORD - Amazon AWS
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56-72 MARKET PLACE
ROMFORD
56-72 MARKET PL ACE | ROMFORD 1
EXECUTIVE SUMMARY
A rare investment / development opportunity located in Romford town
centre within the London Borough of Havering
A 0.55 hectare (1.37 acre) site comprising an existing building which
extends to 21,188 sq m (228,066 sq ft) GIA
Located approximately 0.4 miles (0.6 km) north of Romford National
Rail station which will be a stop on the Elizabeth Line (Crossrail)
Potential for redevelopment to alternative uses, subject to the
necessary consents
Benefits from a total income of £845,000 per annum
Currently let to Debenhams Retail Limited
For sale freehold with the tenant in situ
An exciting opportunity to purchase an
existing retail investment with significant
residential development potential.
56-72 MARKET PL ACE | ROMFORD 2
LOCATION
Romford is a rapidly evolving town on the
boarders of East London and Essex which
has seen significant redevelopment in recent
years following the success of the Olympic
Park redevelopment in Stratford, and since M25 STANFORD
RIVERS
being named as a station on the new Elizabeth
A10
(Crossrail) train line. ENFIELD
BARNET STAPLEFORD M25
M11 ABBOTTS
The Liberty Shopping Centre, Brewery Shopping Centre and A12
Mercury Shopping Centre are all within close proximity. These CHIGWELL
provide a comprehensive retail offering for Romford Town Centre. BRENTWOOD
WOODFORD
The Chase Nature Reserve, a 120 acre park consisting of a diverse A406 A406 A12
mix of habitats alongside the River Rom, is situated 2.5 km to the WOOD
GREEN A10
south. WALTHAMSTOW
A12
CHADWELL ROMFORD
Excellent transport links, providing easy access west towards A1 HEATH
A503
Central London and east towards Brentwood and Essex. HORNCHURCH
A12 SEVEN KINGS
HOLLOWAY ILFORD UPMINSTER
The subject property is centrally situated within Romford A41 STRATFORD A406
town centre. DAGENHAM
A10 BARKING M25
A13
A501 CITY OF
LONDON
A13
CENTRAL LIVERPOOL
STREET
LONDON
CANARY CITY
WHARF AIRPORT A13
A2
A3
A20
EAST DULWICH
Not to scale - for identification purposes only A2 DARTFORD
A406
56-72 MARKET PL ACE | ROMFORD 3
A20
A24 A23
CONNECTIVITY
Services to Stratford Station in 20 minutes and London
Liverpool Street station in 29 minutes (Source:TFL).
CHADWEL L HEAT H
HAR O L D WO O D
F O R EST GAT E
SEVEN K INGS
M ANO R PAR K
BR ENT WO O D
Romford Station will be a stop on the Elizabeth Line
GO O DMAY ES
GIDEA PAR K
SHENF IEL D
R OM F OR D
M AR Y L AND
EALING
(Crossrail) service providing services east to west across B R OA D W A Y
STRATFORD
London. LONDON TOTTENHAM LIVERPOOL
PADDINGTON CO U R T R O A D STREET
Numerous bus routes connecting Romford to Chigwell in
the north, Upminster to the east, Dagenham to the south
R EAD IN G
T WY F O R D
M AID EN H EAD
T APL O W
BUR N H AM
SL O UGH
L AN GL EY
IVER
WEST D R AY T O N
H AY ES & H AR L IN GT O N
S O UT H AL L
H AN WEL L
WES T EAL IN G
AC T O N MAIN L IN E
BO N D ST R EET
F AR R IN GD O N
WH IT EC H APEL
CAN AR Y WH AR F
C US T O M H O USE
WO O L WIC H
ABBEY WO O D
and Barking to the west. H E A T H R OW
A I R P OR T
The A12 is situated approximately 0.6 miles (1km) to the
north, and the M25 Junction 28 approximately 4 miles
(6.4km) to the west.
The subject property is located approximately 0.4 miles
(0.6 km) north of Romford National Rail station.
JOURNEY TIMES FROM ROMFORD ON THE ELIZABETH LINE:
9mins BAKERLOO LINE NORTHERN LINE
STRATFORD CENTRAL LINE PICCADILLY LINE
27mins CIRCLE LINE VICTORIA LINE
LIVERPOOL STREET
DISTRICT LINE LONDON OVERGROUND LINE
33mins HAMMERSMITH & CITY LINE DLR LINE
TOTTENHAM COURT ROAD
JUBILEE LINE ELIZABETH LINE (CROSSRAIL)
38mins
PADDINGTON METROPOLITAN LINE
46mins
EALING BROADWAY
68mins
HEATHROW TERMINAL 5
56-72 MARKET PL ACE | ROMFORD (Source: TFL) 4
ROMFORD TOWN CENTRE
QUEENS HOSPITAL
ROMFORD TRAIN STATION
BREWERY SHOPPING
SAPPHIRE ICE AND CENTRE
LEISURE CENTRE
LIBERT Y SHOPPING
CENTRE
MERCURY SHOPPING
CENTRE
HAVERING TOWN HALL
56-72 MARKET PL ACE | ROMFORD 5
RETAIL INVESTMENT
SUMMARY
RETAILING IN ROMFORD
Retail within Romford is centred around the Liberty Shopping
Centre, The Brewery Shopping Park and The Mercury Centre.
CONSUMER EXPENDITURE TENANCY
The Liberty offers the prime retailing pitch within the town Consumer Expenditure within Romford is significant and set The property is let on a single lease to Debenhams Retail
and commands rents in the region of £200 Zone A. The centre to grow further with the construction of additional housing: Limited for 99 years (less 3 days) from 21 October 1995 at
is anchored by Marks & Spencer, Primark and Debenhams a rent of £1,300,000 per annum. Debenhams Retail Limited
with other major retailers including Next, H&M, Topshop and Convenience retail expenditure in Romford totals £276 entered a Company Voluntary Arrangement (CVA) in May
Boots. million per annum within the 10 minute catchment and £1,143 2019. Under the CVA the Romford store was designated as
million within the 20-minute catchment (source: Savills a ‘Category 3 Lease’. Category 3 leases are subject to a
The Brewery Shopping Park is located around a large car Research) reduced rent of 65% of the contractual rent which reduces
park to the south west of the town centre and is anchored by the passing rent to £845,000 per annum. The Landlord can
Sainsbury’s, a Vue cinema, TK Maxx, Gap and Boots. Comparison retail expenditure in Romford totals £519 million break at any time from 24 June 2019 to 20 September 2019 on
per annum within the 10 minute catchment and £2,116 million 60 days notice (which tenant can elect to extend for 30 days
The Mercury Centre links directly into the Liberty Centre via within the 20-minute catchment (source: Savills Research) at full rent). In addition there are mutual break options on
an underpass below the inner ring road, Mercury Gardens. the second, third and fifth anniversary of the CVA decision,
It is a value led scheme anchored by Asda, Wilko and a i.e. from June 24th 2019. These break options are subject
significant multi storey car park. to 90 days written notice and the CVA also specifies that no
dilapidations will be payable.
The subject property sits in the heart of the town centre,
facing onto Market Place and Swan Walk. Market Place SUMMARISED TENANCY INFORMATION
houses Romford’s historic market and Swan Walk connects
Next Current
directly into the Liberty Shopping Centre. Area Lease Lease Current Rent
Address Tenant Break Rent (£ per
(sq ft) Start Expiry (£ per sq ft)
Date annum)
56-72 Market Debenhams
Pre - CVA 228,066 21/10/1995 18/10/2094 n/a £1,300,000 £5.70
Street, Romford Retail Limited
56-72 Market Debenhams
Post - CVA 228,066 21/10/1995 18/10/2094 24/06/21 £845,000 £3.70
Street, Romford Retail Limited
56-72 MARKET PL ACE | ROMFORD 6
Romford
N
THE PROPERTY
The site extends to an area of 0.55 hectares (1.37 acres).
The property consists of a 1960’s retail store set across basement,
ground and four upper floors fronting Market Place within the main
shopping district of Romford.
The existing building extends to 21,188 sq m (228,066 sq ft) GIA and is
of pre-cast concrete construction.
Lofthaus Apartments PCs
ay
bw
The property is bounded by the Liberty Shopping Centre to the south,
Su
96
to
1 to 91
98
the Bull
NaylandPublic
Court House (Locally
47
a Listed) to the east, a walkway (Swan
Tollgate House
Walk) to the shopping centre to the west and Romford Market Place to
the north.
Romford Shopping Hall 51
to
43
Access to the building is via Market Place and Swan Walk, which runs
along the south western boundary.
1
94
The property benefits from direct access loading bays located at the
south eastern end of the property access via the Liberty Shopping
Centre service road.
86
11
84
to
K1
Debenhams Retail Limited presently occupy the property.
82
2
78
74
4
to
76
PH
6
N
Su
17
bw
12
56
to
La
72
ur
21
ie
W
23
al
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14
16
29
20
1
44
Experian Goad Plan Created: 07/08/2019
to
54
2
50 metres
Created By: Savills
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4
Copyright and confidentiality Experian, 2019. © Crown copyright and For more information on our products and services:
5
database rights 2019. OS 100019885 www.experian.co.uk/goad | goad.sales@uk.experian.com | 0845 601 6011
Sw
an
6
W
NOTE:- Reproduced from the
al
7
k
Ordnance Survey Map with the
permission of the Controller of H.M.
Stationery Office. © Crown copyright
8
9
licence number 100024244 Savills 27
(UK) Ltd. NOTE:- Published for the
10
purposes of identification only and
11
although believed to be correct
accuracy is not guaranteed.
12
13
G
56-72 MARKET PL ACE | ROMFORD 7
19
14
13
12
15
Existing building fronting Market Place 56-72 MARKET PL ACE | ROMFORD 8
PLANNING OVERVIEW
The site is located in Romford Town Centre and lies within the
jurisdiction of the London Borough of Havering.
The property is not listed, however it boarders the Romford
Conversation Area to the north.
London Borough of Havering are in the process of preparing
their draft local plan 2016-2031 which will replace its Core
Strategy 2008 and Site Specific Allocations 2008.
The Draft Local Plan underwent public examination in 2018 with
modification taking place following responses in July 2019.
The London Borough of Havering are also preparing a new
Town Centre Masterplan for Romford. An initial consultation
took place between January – July 2019. Another consultation is
expected to take place in Autumn 2019.
Emerging policy context suggests Havering are seeking to
deliver a comprehensive regeneration of Romford Town Centre.
CGI of the Leslie Jones Architecture scheme
56-72 MARKET PL ACE | ROMFORD 9
SITE SPECIFIC
A meeting was held with officers from the LB Havering on 10th June
2019 to discuss the principle of the proposed redevelopment of the
Debenhams Site. The proposals presented to officers comprised a
mixed-use development with ground and first floor retail together
with residential accommodation on the upper floors. The scheme
provided 240 residential units and extended to 18 storeys in height.
Following the meeting with LB Havering, the following written
feedback was issued by officers:
Subject to heritage considerations, a mixed-use redevelopment of
the site would be acceptable in principle;
Further consideration should be given to the access arrangements
proposed to the residential accommodation, as well as servicing
and deliveries for the retail component. This is on the basis that the
current vehicular access to service the Liberty Shopping Centre is
expected to change;
The principle of delivering a tall building at this location will need to
be considered in the context of emerging proposals for the Liberty
Shopping Centre;
Opportunities should be explored to improve Swan Walk in
consultation with the owners of the Liberty Shopping Centre to
agree a strategy to improve this external area of the Site;
Upon receipt of written feedback, an amended scheme has been
produced by Leslie Jones Architecture. Details of which are within the
data room.
CGI of the Leslie Jones Architecture scheme
56-72 MARKET PL ACE | ROMFORD 10SERVICES
The property is connected to mains water, gas and
drainage, although these have not been tested. It will be the
responsibility of the purchaser to determine whether the
current supplies are adequate for their proposed use of the
property following purchase.
EPC
The EPC rating for the building is D86. Further information
can be found in the online data room.
VAT
The property is elected for VAT
56-72 MARKET PL ACE | ROMFORD 11METHOD OF SALE The property is for sale freehold by way of informal tender (unless sold prior). PROPERTY VIEWINGS The property may be inspected strictly by appointment only through the Vendor’s joint selling agents, Savills and CBRE. FURTHER INFORMATION A dedicated project data room has been set up and interested parties are able to register for login details at: www.marketplaceromford.co.uk 56-72 MARKET PL ACE | ROMFORD 12
CONTACTS
For further information please contact:
Toby Ogilvie Smals MRICS Jonathan Allen MRICS
+44 (0) 207 409 8162 +44 (0) 207 182 3174
tosmals@savills.com Jonathan.Allen@cbre.com
Edward De Jonge MRICS Aaron Moles MRICS
+44 (0) 207 016 3849 +44 (0) 203 257 6558
edejonge@savills.com Aaron.Moles@cbre.com
Alex Soskin MRICS
+44 (0) 207 409 9993
alex.soskin@savills.com
Hugh Bushell MRICS
+44 (0) 207 075 2860
hbushell@savills.com
Important Notice
Savills, CBRE and their clients 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: 020 7499 8644
August 2019
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