British Land poised to buy major Ealing Broadway scheme
British Land is under offer to buy a major redevelopment site in Ealing Broadway town centre, in a deal thought to be in excess of £50m, CoStar News understands.
Benson Elliot instructed Strutt & Parker and GCW to sell 9-42 The Broadway at the end of last year, attracting strong interest in the scheme from both private equity and property companies.
The deal would significantly expand British Land’s presence in the town, having bought Ealing Broadway shopping centre located opposite the 1.5 acre site, in 2013.
All parties declined to comment.
The imminent opening of the Elizabeth Line has attracted investors to Ealing and spurred development activity, including a complete overhaul of Ealing Broadway station by Network Rail ahead of the first train services in 2018.
Benson Elliot bought the huge 2.8-acre island block opposite Ealing Broadway station, known as the Arcadia portfolio, in 2012 for around £40m.
The first phase, which was once home to the Arcadia Shopping Centre and is now called 1-8 The Broadway, was redeveloped into three large stores let to McDonald’s, Morrisons and TK Maxx. It was sold in 2012 to Pramerica Real Estate for £37.4m.
In July last year, the private equity firm and its development manager London Newcastle submitted plans to turn the second phase, 9-42 The Broadway, into a mix-used scheme with 191 homes, shops, and a new music venue to replace the town’s original blues venue, The Ealing Club.
The scheme was approved by Ealing Council in February but was called-in three months later by the former Secretary of State after facing opposition from local campaign groups including Save Ealing Council and Historic England.
The plans were objected to because of the demolition of commercial buildings in the council’s Conservation Area. Historic England argues that the loss of these buildings could lead to the de-designation of the conservation area.
Benson Elliot made amendments, which include retaining the facades of 14, 15 and 16 The Broadway, and pulling back the furthest west building on the site to improve views towards Christ the Saviour Church.
A pre-inquiry meeting was held on 30 November and the full inquiry by the planning Inspectorate is expected to take place in May next year.