British Land acquires multi-let site in Ealing

Real estate investment trust British Land has acquired a multi-let site covering 70,000 square foot in Ealing, London, which is adjacent to its Ealing Broadway W5 Local retail centre.

The 49 million pound acquisition of 10-40 The Broadway in Ealing town centre from Benson Elliot comes ahead of the Crossrail station that is expected to open in 2019. The 1.4 acre mixed use, multi-let site currently comprises of 21 high street retailers.

Charles Maudsley, head of retail and 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 1 billion pounds of new residential and commercial investment that continues to enhance its appeal.”

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

Image: courtesy of British Land