The Island Site offers a unique freehold 2.73 acre investment and development proposition in the heart of Woolwich town centre. The significant landholding is within one of south east London’s major regeneration areas, 2 minutes’ walk from Woolwich Arsenal Station and Powis Street, Woolwich’s primary retail destination. Woolwich’s new Crossrail Station is only 4 minutes’ walk from the Island Site, which will further enhance its excellent connectivity.
The Island Site comprises Woolwich Polytechnic’s former campus together with various highly attractive Victorian buildings. The site extends to 13 existing buildings of varying ages and styles, which total 254,790 sq ft GIA. Three buildings are listed with 5 buildings locally listed.
The Island Site benefits from a significant residential led planning consent, for the development of 298 apartments, subject to an exceptionally low affordable housing requirement of 20%. The proposed scheme will deliver five residential blocks, which retain many of the existing highly attractive facades, in addition to creating a vibrant new retail and leisure district. The proposed commercial accommodation will deliver Woolwich’s first dedicated day and night time restaurant and leisure venue centred around fully pedestrianised new public realm.
ASSET MANAGEMENT HIGHLIGHTS
The Island Site offers significant opportunity for the repositioning and repurposing of existing buildings, including potential to capitalise on the flexibility the new use classes order is envisaged to provide. Potential initiatives include exploring a site breakup, substantial refurbishment to enhance income, conversion of buildings to alternative uses, possible massing and/or part redevelopment of the Island Site and creation of a dedicated campus targeting sectors including education, the film industry and Woolwich’s vibrant Arts & Culture scene.