The redevelopment of the Woolwich Building in Bexleyheath took a big step forward in September when Bellway agreed a deal with Sports Direct. The plan will see the creation of new homes on the 3.7 acre site as well as 29,000 square feet of new commercial space. This will become one of the most impressive examples of property investment Bexley has seen recently.
The initial plan to develop the site dates back to 2014 when the local council vacated their offices to move to a modern building. Tesco had purchased the property a year earlier and revealed plans to create 126 homes and a new superstore in 2015. Sadly the mixed use scheme fell through and the site was sold on to Sports Direct.
The partnership between Sports Direct and house builders Bellway is very interesting because the latter was originally tasked with building the homes for Tesco. The sportswear retailer will remain involved throughout the project and have agreed to occupy a 12,000 square foot retail space on the site when the work is completed.
The new commercial spaces will be located on the ground floor of a seven storey development. The upper floors will be a mixture of one, two and three bedroom flats for private sale. The homes will likely prove to be attractive investments because of the location on Bexleyheath Broadway, close to the town centre. The area sees very high demand for properties so 126 new homes should be well received.
Bellway was expected to submit plans for the development before the end of September. If accepted by the local council the construction on the site would be able to begin in Q1 of 2018.
If you are considering property investment Bexley has plenty of value to offer. The Borough as a whole has become popular as more and more buyers look for opportunities in outer Boroughs. Affordability and great potential for the future has made this south east London location an attractive one.
At Finefair we work across the Borough, including in Bexleyheath. Our team can provide support if you are trying to decide on an investment property, calling on our extensive experience. We even provide professional management solutions if required, focusing on long term success.