British Land has acquired 10-40 The Broadway in Ealing town centre from Benson Elliot for £49 million.
The freehold 1.4 acre mixed use, multi-let site comprises 21 high street retailers. It covers 70,000 sq ft and is adjacent to British Land’s Ealing Broadway W5 Local retail centre.
The site was previously subject to a residential-led planning application which has now been withdrawn enabling British Land to fully evaluate opportunities to grow value in conjunction with key stakeholders, including Ealing Council.
Charles Maudsley, Head of Retail & Leisure for British Land, said:
“Ealing Broadway W5’s outperformance over the last four years gives us considerable confidence to add to our holdings. The assets provide near term income as well as future development opportunities that can be progressed when the time is right.
“The area benefits from excellent transport infrastructure and will be a Crossrail station from 2019. More broadly, Ealing is undergoing a transformative redevelopment including £1bn of new residential and commercial investment that continues to enhance its appeal.”
Marc Mogull, Managing Partner at Benson Elliot, commented:
“Having taken stewardship of the important Arcadia portfolio some four years ago, we’ve delivered a successful first phase of development and identified the opportunity on the Broadway site to create a vibrant mixed use scheme adjacent to the new Crossrail station.
“British Land has already demonstrated a strong commitment to Ealing’s town centre and their thoughtful approach to high quality placemaking will serve the borough and its exciting future well.”
Since acquiring Ealing Broadway W5 in February 2013, British Land has completed a comprehensive refurbishment and relet almost one third of the centre.