British Land acquires £103m Woolwich Estate

British Land has acquired the Woolwich Estate in south-east London for £103m.

The estate – which is mainly retail – covers 360,000 sq ft and includes over 50,000 sq ft of residential and 3,000 sq ft of office space, as well as 6,000 new homes that have been built or are in the pipeline for development.

The scheme features 56 retail units and receives footfall of six million people.

The estate is currently 95% occupied with an average lease length of under four years and average rent of £17 per sq ft.

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; 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.”

The area has also benefited from recent regeneration prompted by the Elizabeth line development, which launches from Woolwich in December.

Greenwich Council is investing £31m into the area to deliver a new ‘creative district’, which will convert five historic buildings into theatre and concert space, with offices and restaurants. 

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