THE RETAIL BULLETIN - The home of retail news
HOME
RETAIL NEWS
RETAIL EVENTS
Fashion
Department Stores
Shopping Centres & Retail Parks
Home & DIY
Electricals
Health & Beauty
General Merchandise
Entertainment
Sports & Leisure
Retail Solutions
Food & Drink
RETAIL INSIGHTS
RETAIL SOLUTIONS
ABOUT US
CONTACT US
SUBSCRIBE FOR FREE
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.

SHOPPING CENTRES & RETAIL PARKS

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.”

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

The HR Summit 2018
The HR Summit 2018
Wednesday 3 October 2018
The Cavendish Conference Centre, London W1
The 10th HR Summit 2018, The Cavendish Conference Centre, London W1, 3rd October 2018
The Retail Design Seminar 2018
The Retail Design Seminar 2018
14 November 2018
The Cavendish Conference Centre
The Retail Design Seminar 2018
Omnichannel Futures Conference 2019
Omnichannel Futures Conference 2019
6 February 2019
Cavendish Conference Centre, London WG1 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Customer Engagement Conference 2019
Customer Engagement Conference 2019
5 June 2019
Cavendish Conference Centre, London W1
The 10th Annual Retail Customer Engagement Summit
Fix The Dinosaur Roundtable 2018
Fix The Dinosaur Roundtable 2018
19 October 2018
The Euston Suite, The Hallam, 44 Hallam St, London W1W 6JJ
A Masterclass in IBMi Legacy Issues