120 Vallance Road & 2-4 Hemming Street, London E1

120 Vallance Road & 2-4 Hemming Street, London E1East London / City Fringe Residential Led Development Opportunity

CGI of proposed scheme from Hemming Street

120 Vallance Road & 2-4 Hemming Street, London E1

LocationThe site is situated in a prime East London location, with Shoreditch to the west, Bethnal Green to the north and Whitechapel to the south. Liverpool Street Station and the City of London are in walking distance of the site, approximately 1.7 kilometres (1 mile) to the south west.

The surrounding area has undergone extensive regeneration over the last 10 years and now has a well established vibrant art and fashion community and benefits from extensive cultural amenities. Brick Lane, a conservation area and tourist hot-spot renowned for its numerous restaurants and art galleries, is 500 metres to the east. Together with Cheshire Street (approximately 140 metres to the north of site), Brick Lane hosts one of the largest weekly food and flea markets in London. Further amenities and convenience retailers are located 500 metres to the north of the site along Bethnal Green Road or 500 metres to the south on Whitechapel Road. The extensive retail, leisure and cultural offer at Spitalfields Market is c.750 metres (0.5 miles) to the east.

Open space is provided locally by Weavers Fields public park approximately 200 metres to the north of the site and Bethnal Green Gardens approximately 800 metres to the north east. Additionally, more extensive open space is provided by Victoria Park and Mile End

Park approximately 2 kilometres (1.2 miles) to the north east.

The site has very good access to transport links to The City, West End and Canary Wharf, sitting between Shoreditch High Street, Whitechapel and Bethnal Green Stations. Whitechapel London Underground and Overground Station is approximately 650 metres to the south and provides District and Hammersmith & City Line services to Liverpool Street (6 minutes), King’s Cross St Pancras International (14 minutes), Victoria (19 minutes) or Baker Street (20 minutes) (source: tfl.gov.uk). The Elizabeth Line (Crossrail) is planned to open in December 2018 at Whitechapel Station, and will provide direct services to Canary Wharf (3 minutes), Bond Street (10 minutes) and Heathrow (38 minutes) by December 2019 (source: crossrail.co.uk). Bethnal Green London Overground Station is also located approximately 500 metres (0.3 miles) to the east and provides services to Liverpool Street (6 minutes) (source: tfl.gov.uk).

The D3 bus operates immediately outside of the site on Vallance Road and provides services to Canary Wharf. Several other bus routes also operate along Bethnal Green Road and Whitechapel Road. A Santander Docking Cycle Station is located immediately to the south of the site on Selby Street.

Summary• Residential-led development opportunity located between Shoreditch, Bethnal Green and

Whitechapel in East London.

• A partially occupied site extending to 0.39 hectares (0.96 acres).

• Resolution to grant planning permission for demolition of the existing buildings and construction of two buildings to provide 144 residential apartments (107 private, 12 intermediate and 25 affordable rent tenure) extending to 9,320 sq m (100,320 sq ft) NSA, and 1,216 sq m (13,084 sq ft) GIA commercial space.

• Approximately 1 km from Shoreditch High Street, and 0.5 km from Bethnal Green London Overground Stations. 0.65 km from Whitechapel London Underground Station, which will provide Elizabeth Line (Crossrail) services.

• For sale freehold with vacant possession.

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120 Vallance Road & 2-4 Hemming Street, London E1

Description and SituationThe property comprises two broadly rectangular plots split by Hemming Street, known as 120 Vallance Road and 2-4 Hemming Street. Together they extend to approximately 0.39 hectares (0.96 acres). The existing 120 Vallance Road site is occupied by a part single and part two-storey industrial / commercial building which has been vacant since September 2014 (Class B1b and B1c). The 2-4 Hemming Street site is occupied by a two storey building which is used as a workshop with ancillary offices (Class B1b and B1c).

The area immediately surrounding the site is predominantly residential, with houses bordering the property to the west and east. To the south there are further light industrial buildings which have been approved for residential redevelopment. To the north of the western Vallance Road plot there is an open yard used to store cars, with a London Overground railway viaduct and Weavers Fields public park beyond.

Brick Lane market

Boxpark, Shoreditch

NOTE:- Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office.© Crown copyright licence number 100022432 Savills (UK) Ltd.NOTE:- Published for the purposes of identification only and although believed to be correct accuracy is not guaranteed.

120 Vallance Road & 2-4 Hemming Street, London E1

Aerial View of the site looking South West

The Shard

Brick Lane

Weavers Fields

Liverpool Street Station

Whitechapel Station

Shoreditch High Street Station

Spitalfields Market

City Hall

Heron Tower (110 Bishopsgate)

The ‘Walkie Talkie’ (20 Fenchurch Street)

The ‘Gherkin’ (30 St Mary Axe)

120 Vallance Road & 2-4 Hemming Street, London E1

Town PlanningThe property falls under the jurisdiction of the London Borough of Tower Hamlets. The site is not located in a Conservation area and there are no locally or statutory listed buildings on or neighbouring the property.

A resolution to grant planning permission was passed on 12 April 2016 (Ref: PA/15/01231) for:

“Demolition of existing buildings at 120 Vallance Road and 2-4 Hemming Street and erection of two buildings to provide 1,311 sq m (GEA) of commercial space, 144 residential units and new public realm, landscaped amenity space, cycle parking and all associated works”.

There is potential to seek amendments to the scheme and provide additional floorspace. The applicants planning consultants have provided a supporting statement and the corresponding drawings for a 12 storey scheme are available on the dataroom.

Section 106 and CILThe Section 106 Agreement and CIL liability linked to the permission is currently being finalised. The current draft Section 106 contains obligations requiring payment of financial contributions totalling £96,092.75.

The London Borough of Tower Hamlets adopted their Community Infrastructure Levy Charging Schedule in April 2015, which is set at £65 per sq m for residential development, £70 per sq m for retail,

£120 per sq m for convenience supermarkets / superstores and retail warehousing and nil for offices where the site is located. Mayoral CIL in the Borough is currently set at £35 per sq m. CIL rates are subject to indexation.

Proposed DevelopmentThe proposals comprise a mixed use scheme providing 144 residential apartments alongside office and retail accommodation. The scheme is provided over two buildings, which both increase progressively in height towards the northern end of each plot, maximising views over Weavers Fields. Amenity space is provided by communal roof gardens on both buildings, private balconies and gardens.

The proposed Vallance Road building will range in height from 8 to 10 storeys, with commercial uses at the basement and ground floor and private residential apartments above. The units on the western side of the block will benefit from views of the City skyline. The commercial element of the scheme is flexible A1, A3 and B1 retail / business use Class in order to accommodate a range of potential end users. A condition attached to the resolution to grant restricts the total quantum of retail provision to no more than 500 sq m (5,382 sq ft), and states that no individual retail unit should exceed 100 sqm (1,076 sq ft).

The Hemming Street building will be 5 to 8 storeys in height, and provides residential accommodation only. The building will contain the affordable housing element of the scheme, with the affordable rented tenure units accessed via the southern core (known as C) and the market and intermediate tenure apartments via the northern core (known as B).

VATThe property is not elected for VAT.

Summary Residential Accommodation

Studio 1 Bed 2 Bed 3 Bed TotalPrivate Sale 28 31 34 14 107

Shared Ownership 0 3 6 3 12Affordable Rent 0 7 5 13 25Total 28 41 45 30 144

Residential NSASq M Sq Ft

Private Sale 6,366 68,523

Shared Ownership 881 9,483Affordable Rent 2,073 22,314Total 9,320 100,320

Summary Commercial Accommodation

Commercial NIASq M Sq Ft

Basement Unit 737 7,933

Core A1 Unit 198 2,126Core A2 Unit 281 3,025Total 1,216 13,084

Summary GIA Schedule

120 Vallance RoadSq M Sq Ft

Basement 1,138 12,249

Core A1 3,931 42,308Core A2 3,887 41,838Total 8,955 96,395

2-4 Hemming StreetSq M Sq Ft

Core B 2,260 24,326Core C 2,562 27,580Total 4,822 51,906CGI of proposed scheme from Vallance Road CGI of proposed scheme from Hemming Street

Method of Sale and TenureThe property is for sale freehold, with vacant possession, and will be sold by way of informal tender (unless sold prior).

Further InformationFurther information, including a full legal pack, can be found on the following website:

www.savills.com/vallanceroad

ViewingsThe site can be viewed from the public highway. If you require an inspection of the existing buildings please contact the joint sole selling agents to make an appointment

ContactSavills UK Ltd

Darren Arnold 020 7409 9926 darnold@savills.com

Sean Cooper 020 7409 9948 scooper@savills.com

Ed De Jonge 020 7016 3849 edejonge@savills.com

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: 020 7499 8644 | June 2016

Stirling Ackroyd

Andrew Bridges 020 7749 3828 andrewb@stirlingackroyd.com

Nick Davies 020 7940 6233 nickd@stirlingackroyd.com

Tom Brain 020 7749 3801 tomb@stirlingackroyd.com

120 Vallance Road & 2-4 Hemming Street, London E1East London / City Fringe Residential Led Development Opportunity

Aerial View of the site looking South East

The O2 Centre

Mile End Park

Stepney Green

Stepney Green Station

Whitechapel Station

Bethnal Green Station

Weavers Fields

Royal London Hospital

One Canada Square (Canary Wharf)