They are adding to the portfolio of places which will benefit for when the Elizabeth line is running in December this year – which includes Central, Broadgate, Ealing Broadway could provide a growth for some healthy returns (estimated to yield 4.1%).
The recent purchase of Woolwich Estate has a space of 360,000 sq. ft based in Central Woolwich. Although currently mainly retail it does include over 50,000 sq. ft of residential and a smaller 3,000 sq. ft of office units.
This area in particular is getting ramped up by many projects due to the Elizabeth Line which will start from Woolwich – this will help people coming to Canary Wharf and Bond Street in less time than normal. There are approximately over 5,500 new houses also being made within the area.
Charles Maudsley, Head of Retail, Leisure & Residential at British Land, said: “This acquisition provides a unique opportunity to create a thriving retail-anchored centre, benefitting 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; which generates clear benefits for local communities and drives value for British Land.
Across our London campuses and our multi-let retail properties, we have developed a clear and distinct advantage in managing mixed use environments with development potential, and in enhancing and enlivening our space through placemaking. This acquisition plays very well to those skills.”
British Land owns a portfolio of £18.1 billion and as of Sept 2017, they were the biggest listed real estate company.