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.

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.

 

 

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