British Land completes major Ealing Broadway acquisition

By Kasmira Jefford - Monday, May 08, 2017 8:58

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British Land has bought 10-40 The Broadway, a major mixed-use site in Ealing town centre, from Benson Elliot for £49m, as revealed in January by CoStar News.

Benson Elliot instructed Strutt & Parker and GCW to sell the freehold, 1.4 acre multi-let site, at the end of last year.  The buildings, which contain 21 high street retailers, are located next to British Land’s Ealing Broadway W5 Local retail centre, which it acquired in 2013. 

Plans were previously underway, under Benson Elliott, turn 10-40 Broadway into a residential-led scheme with 191 homes, shops, and a new music venue to replace the town’s original blues venue, The Ealing Club.

However British Land said has now been withdrawn, "enabling it to fully evaluate opportunities" in conjunction with key stakeholders, including Ealing Council".

The plans were approved in February last year only to be called-in three months later by the then Secretary of State after facing opposition from local campaign groups including Save Ealing Council and Historic England.

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, said: “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.”

The imminent opening of the Elizabeth Line has attracted investors to Ealing and spurred development activity, including a complete overhaul of Ealing Broadway station by Network Rail ahead of the first train services in 2018.

Since acquiring Ealing Broadway W5 in February 2013, British Land has completed a comprehensive refurbishment and relet almost one third of the centre.

British Land was represented by Jackson Criss. Strutt & Parker and GCW acted for Benson Elliot.

kjefford@costar.co.uk

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