Site name: ORCHARD VILLAGE, (Shared Ownership/Private)

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Diane Walsh
5 years ago
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1 Sales Appraisal Dunn Site name: ORCHARD VILLAGE, (Shared Ownership/Private) OVERVIEW OPINION 1. The above photo shows the existing Old Ford Office block with residential block adjacent to it on the Mardyke Estate in Rainham this development is a huge regeneration project for Mardyke and this block along with several tower blocks and other buildings have been/will be demolished and new build apartments and houses will completely transform this area Sales & Marketing are fully supportive of the proposed scheme for both shared-ownership and private sale. 2. The development will eventually provide in the region of 555 new homes it is stylish; well designed and will lift values in what has been a deprived area and which historically has had a bad reputation on many levels. 3. A good level of specification and attractive private courtyards (to the apartment blocks) along with tree-lined boulevards will ensure good values are achieved. 4. This development is a short drive from the junction for the A13 for access to Canary Wharf/City and the M25/M11

INTRODUCTION The purpose of this document is:- To carry out market research for Circle s proposed new build development/regeneration of Mardyke now known as Orchard Village To assess its suitability

2 INTRODUCTION The purpose of this document is:- To carry out market research for Circle s proposed new build development/regeneration of Mardyke now known as Orchard Village To assess its suitability for the initial proposed scheme; potential values and sales rate. To demonstrate any positive or negative features of the site or the locality and its potential demand (if any) To highlight potential problems of the current proposed scheme and offer any alternative suggestions. To comment generally on any other issues that should also be considered GENERAL COMMENTS ON SITE (PHOTOS) View looking down the road (with Dearsley House existing - soon to be demolished tower block to the left and other apartment blocks soon to be demolished to the right)

3 Tower block (opposite Newton Primary school) to be demolished

View of existing blocks (to be demolished) on Lowen Road DEMOGRAPHICS Mardyke ( Orchard Village ), Rainham Essex the population for Rainham is approximately 12,114.

4 View of existing blocks (to be demolished) on Lowen Road DEMOGRAPHICS Mardyke ( Orchard Village ), Rainham Essex the population for Rainham is approximately 12,114. MARDYKE ( ORCHARD VILLAGE ) Mardyke was built in the 1960 s to house people who worked at the Ford Dagenham Factory. It is situated just off the A1306 and runs adjacent to the River Beam and River Beam Country Park. Over the years job losses/high unemployment created many social problems on the estate and has experienced some of the highest levels of deprivation in London this stigma for what was a rough and poor area is now undergoing rapid change! Demolishing the existing buildings/tower blocks and re-creating a modern day village environment with well thought out new apartment blocks and houses with well planned landscaped areas will without doubt reverse its chequered history.

5 THE LOCAL MARKET 1. DISTANCE TO TOWN(SHOPPING/WORK) AND AN OVERVIEW OF ITS FACILITIES: The proposed development will encompass a new Walk-in Doctors Surgery and a new Mini-supermarket. Currently there is a primary school (Newtons); community centre and newsagents/food store. For any other comprehensive shopping/leisure facilities then residents have to drive or catch a bus to get to them. The proposed new development will eventually have a new community square at its centre; a Walk-in Doctors surgery and a new Mini-supermarket. Asda supermarket; Aldi and Tesco are just over a mile away. More shops restaurants/banks at Dagenham Heathway are approx 2 miles away. Lakeside Shopping Centre (8 miles) The newly refurbished Chequers Corner a Brewers Fayre pub/restaurant is a mile away with a new Premier Inn next to it. 2. DISTANCE TO TRAIN STATION Dagenham East (underground-district Line) just over a mile away Dagenham Heathway (underground-district Line) approx 2 miles Dagenham Dock (mainline/liverpool Street & Fenchurch Street) under a mile Rainham (mainline Liverpool Street & Fenchurch Street) over a mile 3. BUSES Bus No 365 now offers a frequent 7 day a week 24 hour service from Mardyke to Elm Park/Romford/Havering Park (and back) 4. SCHOOLS (plenty within area several listed below) Newtons Primary School (on Mardyke) Marsh Green Primary School Whybridge Infant School & Whybridge Junior School Scargill Junior School Britons Secondary Schooll 5. DOCTORS Walk in Doctors surgery (on Mardyke) Church Elm Health Centre (Church Elm Lane) Broad Street Medical Centre (Broad Street) 6. DENTISTS South Hornchurch Health Centre South End Road Dental Surgery Aspire Dewey Road, Dagenham

6 7. LEISURE FACILTIES New state of the art Library & Council One-stop shop Dagenham Heathway Beam Valley County Park Breton Outdoor Centre Old Dagenham Park (tennis courts; football pitches) Dagenham Bowling Ten pin Mecca Bing Goresbrook sports & leisure centre Vue Dagenham - cinema THE MARKET - OVERVIEW 1. EST AGTS SECOND HAND SEE ATTACHED I went and sat down and spoke to three agents in Hornchurch who know Mardyke and the market well to obtain comparables and a general overview of the market I spoke to:- 1. Paul Newell, Associate Director, Balgores Tel His view/opinion for Mardyke sales was as follows 1 Beds around 120k 2 Beds (no ensuite) 140k 2 beds(with ensuite) 145k Terraced/Semi houses 200k-220K 2. Sean Finan, Assistant Manager, Beresfords Tel His view/opinion for Mardyke sales was as follows 1 Beds around 120k 2 Beds (no ensuite) 135k 2 beds(with ensuite) 140k 3. Bobby Mogul, Assistant Branch Manager, Abbots Tel His view/opinion for Mardyke sales was as follows Terraced/Semi houses 190k-210k 1 Beds around 120k 2 Beds (no ensuite) 134k 2 beds (with ensuite) 140k Terraced/Semi houses k

7 Properties on the market Or sold (Second-hand) Wymark Close, Rainham 1 bed Ground 115,000 Devonshire Road, Hornchurch 1 bed 1 st floor 139,500 Bretforton Road, Rainham 2 bed Ground 148,000 Agent says considered at present better area however this property needs updating Cherry Tree Lane area patio doors to communal garden Cherry Tree Lane, Rainham 1 st floor 147,500 Arterial Avenue, Rainham 2 bed Ground 159,900 Fyfield Rd, South Hornchurch 2 bed 1 st floor 160,000 Hawthorn Ave, Rainham terraced 184,995 South Street, Rainham Askwith Road, Rainham Wells Gardens, Rainham end of terrace 199,995 end of terrace 200,000 Semi 215,000 Brand new good quality kitchen with all fitted appliances gated development (small only 8 units) will achieve around 150k Agent says on to high vendor not listening at moment! Will sell for around 150k SOLD extended + garage + new windows Needs a bit of updating inside but garden lovely + has sep garage SOLD off street parking for 2 cars/lovely garden Sep garage interest already being shown by recent viewings Burwood Gardens, Rainham South Street, Rainham South Street, Rainham Hubert Road, Rainham Manser Road, Rainham semi 230,000 semi 226,000 semi 229,950 semi 237,000 semi 245,000 Smart done up ex local in good area should sell for around 220k SOLD New -next to site cabins SOLD New next to site cabins SOLD Beautifully refurbished great garden + osp for 2 vehicles SOLD-Greatly extended + new kitchen + new bathroom + conservatory

8 RECOMMENDATIONS 1. Offer a higher specification (more Lifestyle / London )and look to include all white goods of a higher quality 2. Ensure that the parking area is secure (for apartments) and that all apartments have some form of outside space (balcony) 3. Ensure that the houses (which will be leasehold) have 999 years 4. Ensure that the proposed supermarket has limited opening hours (does not stay open 24 hours)as this can affect mortgage applications) 5. Mortgage providers are not comfortable about lending on residential units above coffee shops or restaurants (information confirmed by Crowley Financial Services) OVERRALL ASSESSMENT 1. Belief that the scheme of this size is a key factor in creating a market of values across all accommodation types 2. The proposed development all be it that it sits within an area that currently has many areas requiring development all signs are pointing to that happening in the future this will encourage and motivate couples and young local people to buy in to the overall concept and purchase at Orchard Village - strong marketing/branding and keen pricing to start with will attract them as it will offer them what they aspire to - smart; well-priced with potential growth (in values) and of a quality offering them that comtemporary lifestyle.it also has the potential to appeal to older residents closeby looking to downsize who wish to remain within the area 3. Approx 1-2 miles from mainline stations Rainham/Dagenahm Dock or the District Line Underground at Dagenham East or Heathway. 4. Approx 7 miles from Junction 30/31 on the M25 for access to both Heathrow and Gatwick Airports 5. Approx 8 miles from Lakeside Shopping Centre/retail parks (major shopping centre and employment area) 6. Approx 11 miles by car to Canary Wharf and 15 miles to the City of London Summary We support the site for shared ownership and private sales and by offering a higher specification and secure parking and well designed landscaping across the scheme then the values we suggest are given below we feel confidant that as the scheme develops/becomes more established that values could slowly be increased. The values we recommend are:- 1 Beds 120,000 2 Beds 140,000 to 145,000 3 Bed Houses 225,000 to 230,000 Sharon Wynne/Tim Seward (7 th December 2012)

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