British Land has bought a 70,000 square foot site in the middle of Ealing for £49m, which had been earmarked for resi development.
The massive property developer/investor snapped up 10-40 The Broadway, which covers around 1.4 acres, from Benson Elliot. The site is next-door to British Land’s Ealing Broadway W5 Local Retail Centre, which it has owned since the beginning of 2013.
It’s currently a mixed-use, multi-let site housing 21 high street retailers, but it was previously subject to a (slightly controversial) residential-led planning application. That application has been withdrawn “enabling British Land to fully evaluate opportunities”.
Charles Maudsley, Head of Retail & Leisure for British Land: “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: “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.”