Sainsbury’s South Woodford selling Odeon cinema, Boots and Lizard Lounge land, that could be used for redevelopment
PUBLISHED: 12:51 19 October 2017 | UPDATED: 12:55 19 October 2017
Sainsbury’s is selling the land holding its South Woodford store, which also houses the Odeon cinema, Boots and the Lizard Lounge.
The supermarket giant in George Lane, has enlisted the help of Savills estate agents to advertise the 5,491 sq m site which has a guide price of more than £32million.
Sainsbury’s has said this sale will simply mean a change of landlord, and will have no impact on the store.
“Our South Woodford store is incredibly popular and will continue to serve customers,” a spokesman said.
In the advert, the site is described as a thriving residential location that could be developed.
“Upon expiry of the Sainsbury’s lease (or prior subject to negotiation) a purchaser could consider the redevelopment of this extensive site,” Savills wrote.
“South Woodford is a thriving residential location, offering good schools, accessible green space and fast transport links to central London.
“New build residential units in this area are currently achieving capital values of circa £600 per sq ft (£6,458 per sq m).”
Redbridge Council is in the process of adopting a Local Plan which is intended to direct growth to the borough’s main town centres.
Savills marketed the land as fitting in with the aspirations of the Local Plan.
“A mixed-use scheme is considered to be appropriate and consistent with the council’s emerging aspirations for the town centre,” it wrote
“Such a scheme could include residential dwellings and should retain (and potentially improve) the leisure offering and retain some smaller scale retail floorspace.
“The retail units fronting George Lane should also be retained as these are covered by key Shopping Frontage designations within emerging policy. However, these units could be reconfigured or redeveloped as part of a new scheme.”
Conservative group leader Cllr Paul Canal is concerned about the redevelopment opportunities of the site.
He told the Recorder he is considering asking for the Odeon building to be listed as a community asset.
“The cinema is an important part of night-time economy,” he said.
“It supports many bars and restaurants and is also a key leisure opportunity of the area,
“We should resist all attempts to redevelop or demolish it.”