Leading property development firm British Land has acquired the Woolwich Estate, covering 4.9 acres in south east London, for a whopping £103m.
This acquisition is in line with British Land’s strategy of investing in mixed use assets in the Capital.
The estate covers 360,000 sq ft of space in central Woolwich. Predominantly retail, it includes over 50,000 sq ft of residential and 3,000 sq ft of office space.
The area is already benefitting from significant regeneration, led by the Elizabeth Line which launches from Woolwich in December 2018.
To coincide with this, 6,000 new homes have been built or are in the pipeline. The estate is currently 95% occupied, with an average lease length of under four years, and average rent of £17 per sq ft, providing British Land with an attractive opportunity to strengthen the offer and mix in line with the improving catchment.
Charles Maudsley, head of retail, leisure and residential at British Land, said: "This acquisition provides a unique opportunity to create a thriving retail-anchored centre, benefitting from a mix of uses in an exciting, increasingly well connected and rapidly regenerating part of London.
“We have a long-term vision for the estate which will deliver space that works for retailers and their customers; which generates clear benefits for local communities and drives value for British Land.
“Across our London campuses and our multi-let retail properties, we have developed a clear and distinct advantage in managing mixed use environments with development potential, and in enhancing and enlivening our space through placemaking. This acquisition plays very well to those skills."
Coinciding with the arrival of the Elizabeth Line, Greenwich Council is also investing £31m to deliver a new "Creative District" which will transform five historic buildings into theatre and concert space, with offices and restaurants.
Our BQ Bulletin emails will land in your inbox at 7.30am, Monday to Friday, with a mix of the latest local business news, national news, and features to inspire you. Sign up here!
Click here to read our privacy statement