Anchor Retail Park in Mile End is on sale for £30 million
Once the home of Charrington’s Blue Anchor Brewery, Mile End’s only retail park is now set to become housing.
Anchor Retail Park in Mile End is on the market for over £30 million, the current home of Asda, Halfords and Curry’s is available for redevelopment into student or affordable housing.
Currently the home of three retail giants, Asda, Halfords and Curry’s along with a large car park the site extends to 139,827 square foot.
Lothbury Investment Management is selling the property through Saville’s and proposing it for redevelopment.
The patch also includes the residential properties on Anchor Terrace.
The park is on the market and open for unconditional offers over the asking price currently.
With current business leases expiring in 2025, the brochure indicates that redevelopment could start next year.
Residents have pointed out that it has been up for redevelopment for a long time.
Claire Boodle commented on Facebook that: “The shops are rubbish.”
Others feel that the land could be put to better use.
Jonathan Burnhams shared on Facebook that: ‘It’s a vast amount of land, would be good to have a mixed residential and commercial development instead.
‘Seems anachronistic to have just three retailers and massive car parking so close to the City
Burnhams argues that flats or student accommodation are far more needed than Halfords.
The current annual rent received from both business and residential properties is £1,756,577.
Interestingly, Halfords and Asda’s annual rent of £250,000 is significantly lower than Curry’s at £505,000. The terraced housing provides a total rent of £475,200.
The Saville’s brochure outlines two plans for redevelopment.
Architectural firm Allford Hall Monaghan Morris has drawn up a potential housing redevelopment that has already received a positive review in pre-application planning feedback. The proposed redevelopment would offer at least 35% affordable homes and include 24 beds for social housing.
Another proposal is to transform the site into student accommodation for neighbouring Queen Mary University providing 440 student beds.
The site used to be occupied by The Charrington’s Blue Anchor Brewery.
Founded by Robert Westfield, in 1807 it was the second-largest supplier of beer in London producing over 20,252 barrels of beer a year.
After they expanded to supply beer for the whole UK, the main brewery was demolished in 1975. However, the Brewery Offices built in 1872 survive on the corner of Mile End Road and Cephas Avenue.
Do we even have a choice? I can’t believe a small Sainsbury’s was allowed to open opposite Mile End station. The prices are extortionate, with a 5 pack of ramen noodles that normally go for £1.25 selling at £5.00. It doesn’t seem to matter what the locals think or need, the council will go for the highest bidder (or their cousin)