The site, which comprises the Arcadia shopping centre and a number of adjacent high street retail units, dominates the heart of Ealing’s Broadway retail pitch. On completion of the transaction, Benson Elliot plans to undertake a phased redevelopment, details of which will be provided in due course.
Phil Irons, Partner at Benson Elliot, said: “This is a great opportunity to revitalise a key part of Ealing’s town centre and we look forward to working with Ealing Council and the local community to realise its potential.”
Malcolm Shierson of Grant Thornton, added: “This is a strategically important site for Ealing and we are pleased to have found a purchaser whose aspirations for the asset are aligned with its potential.”
London & Associated Properties and GCW advised Grant Thornton in the transaction, whilst Strutt & Parker advised Benson Elliot.
About the Arcadia Site
The site was assembled between 2006 and 2008 by Glenkerrin, an Irish developer. They planned to develop a c.1,000,000 sq ft mixed retail and residential scheme; whilst Glenkerrin’s proposals for regeneration gained the backing of LB Ealing, at a subsequent public Inquiry their scale and height were considered not to be in keeping with the adjoining Conservation Area. In 2011, Glenkerrin was declared insolvent, resulting in all company assets being transferred to the National Asset Management Agency (“NAMA”).
Benson Elliot’s redevelopment and upgrade plans will contribute towards the regeneration of Ealing town centre, reinforcing it as one of London’s most prosperous and well-connected areas. Furthermore, the £18 billion Crossrail project currently underway will also significantly improve the area’s accessibility, reducing commuting times to central London by up to 50% from 2018.
Benson Elliot founder Marc Mogull has led the funding of urban regeneration projects across Europe during the past twenty years, and is the UK Chairman of the Urban Land Institute, the pre-eminent global land-use organisation. The Arcadia Site transaction represents the fifth investment for the €500 million Benson Elliot Real Estate Partners III fund.