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British Land buys south-east London retail district

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

The 4.9 acres retail-led estate, which spans 360,000 sq ft of property in central Woolwich, includes 56 retail units. It has annual footfall of 6 million visitors.

Its retailers include Primark, Peacocks, New Look, and jewellery chains H Samuel and Warren James, as well as several independents.

It also covers 50,000 sq ft of residential and 3,000 sq ft of office space.

More than 40% of residents fall within the top three most affluent customer groups, per CACI consumer classification.

The new Elizabeth Line, formerly known as Crossrail, is expected to launch in December this year.

Greenwich Council is also investing £31m in a new “creative district” that will transform five historic buildings into theatre and concert space, with offices and restaurants.   

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.”

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