British Land acquires the Woolwich Estate
British Land has acquired the Woolwich Estate, a mainly retail scheme covering 4.9 acres in south east London, for £103 million.
With a footfall of six million, the estate comprises 56 retail units. According to the CACI consumer classification, some 40% of residents within the surrounding area fall within the top three most affluent groups.
Coinciding with the arrival of the Elizabeth Line, which launches from Woolwich in December 2018, Greenwich Council is investing £31 million to deliver a new “Creative District” in the area which will transform five historic buildings into theatre and concert space, with offices and restaurants.
British Land said the acquisition is in line with its strategy of focusing on well-connected, mixed use assets. Other places within its portfolio benefiting from the arrival of the Elizabeth Line include Broadgate, Paddington Central and Ealing Broadway.
Predominantly retail, the estate in central Woolwich is currently 95% occupied with an average lease length of under four years and average rent of £17 per square foot.
The estate also includes over 50,000 square feet of residential and 3,000 square feet of office space.
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, benefiting 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, generate clear benefits for local communities and drive value for British Land.”
