VicarageField

Vicarage Field Major mixed use development



Introduction Investment summary Vicarage Field shopping centre is owned by Benson Elliott and sits on • One of the largest consented build a 5.2 acre site in Barking town centre to rent projects in London immediately adjacent to Barking Station. • Planning granted for a 7.83 acre total residential, retail, hotel, Planning consent has been granted healthcare and primary school for a major mixed-use redevelopment, development consisting of almost 900 homes together • Exceptional transport connections with retail, leisure and community (PTAL 6 - 14 minutes to the City uses. The lease term has been of London) extended to 250 years and plans are • Basement car-parking now underway to start the first phase • First phase approaching start on of development and to CPO adjacent site properties to extend the footprint. • Terms agreed for a new lease term of 250 years Together with Benson Elliott and • Additional CPO authority agreed the London Borough of Barking and Dagenham, we are seeking discussions with funders and investors who would like to share in the vision of the project and assist in taking it forward.

Description The Vicarage Field shopping centre is Benson Elliott has promoted a currently let to over 50 occupational mixed-use scheme on the site which tenants and produces a current gross now has reserved matters approval income of circa £2m p.a. Irrecoverable for phase 1. costs of £1m result in net income of £1m p.a. The property is held leasehold from the London Borough of Barking and Dagenham for a term of 99 years from 29 September 1989. Bird’s eye view of site Vicarage Field shopping centre entrance Existing buildings fronting Station Parade Existing entrance to service yard

The opportunity Lease re-gear Outline Planning Approval was granted The centre is held on a 99-year head on 19th of April 2017 (with details of lease from the Council from Sept 1989, scale, external appearance and with option to renew for 26 years landscaping reserved) for the without a premium, subject to a redevelopment of the existing ground rent being the higher of shopping centre to create a mixed-use £73,350 pa or 5% of net rents excluding scheme of up to 138,000 sq. m (GEA) the upper level retail. The Council has comprising: agreed new lease term of 250 years with 5% of net rents payable to the • up to 25,650 sq. m retail floorspace freeholder. (A1-A5) • up to 1,250 sq. m B1 offices Compulsory • up to 81,750 sq. m residential Purchase floorspace (C3) for 855 homes • up to 7,750 sq. m hotel floorspace To deliver the scheme, a further 17 (C1) property interests are to be acquired • up to three form entry primary and the Council approved use of school (D1) compulsory purchase order powers • healthcare facilities (D1) to assist in 2018. • music venue and cinema (D2) • public realm, landscaping, basement parking, servicing, plant and associated works. Consent has just been granted for Phase 1, a reserved matters application to bring forward the first phase.

Borough map Local information • Pivotal town centre location • Overground rail services to • Directly opposite Barking Station Gospel Oak with extension to for C2C national rail services, and Barking Riverside under • London Underground District construction and Hammersmith and City lines • Excellent bus links 14 VICARAGE FIELD Barking Station 14 minutes to London Fenchurch

Fact File Address and postcode: Vicarage Field Shopping Centre, Ripple Road, Barking IG11 7NR Size of plot: 7.83-acre site (2.6 acres to be acquired by compulsory purchase order) 15 15 minute drive to the M25

Contact info For further information contact David Harley Head of Regeneration Email [email protected] Phone 07879 278 181