Le mie ricette per la real estate communityBritish Land is pleased to announce that it has acquired the Woolwich Estate, covering 4.9 acres in south east London for a headline price £103 million representing a net initial yield of 4.1%.
This acquisition is in line with our strategy of focusing on well-connected, mixed use assets which meet the evolving needs of our occupiers and their customers. It builds on our portfolio of places benefitting from the Elizabeth Line, including Broadgate, Paddington Central and Ealing Broadway, and provides significant potential to drive growth and returns through our placemaking, asset management and development expertise. It makes an exciting addition to our existing portfolio of Local retail centres, which provide convenience-led shopping for local communities.
The Woolwich estate covers 360,000 sq ft of space in central Woolwich. Predominantly retail, it includes over 50,000 sq ft of residential and 3,000 sq ft of office space. The area is already benefitting from significant regeneration, led by the Elizabeth Line which launches from Woolwich in December 2018 reducing journey times to Canary Wharf and Bond Street to 8 and 22 minutes respectively. To coincide with this, 6,000 new homes have been built or are in the pipeline. The estate is currently 95% occupied, with an average lease length of under four years, and average rent of £17 psf, providing British Land with an attractive opportunity to strengthen the offer and mix in line with the improving catchment.
Source : Company