Arcadia Centre sells for £37.4m
by Jim Dunton Fri 17 January 2014, 6:00 pm
Property-investment specialist Benson Elliot has sold Ealing's Arcadia Centre to Pramerica Real Estate Investors for £37.4 million, the firm has announced.
The centre, which fronts Ealing Broadway and is currently being redeveloped, is part of the wider 2.8 acre Arcadia Portfolio site that Benson Elliot acquired in 2012 from administrators Grant Thornton. It was formerly owned by Irish property company Glenkerrin.
Design work on the rest of the portfolio has now started, with plans to be designed by Allies and Morrison expected to include a core of residential development surrounded by new retail space and “quality public realm“.
Benson Elliot partner Phil Irons said the forward sale of the Arcadia Centre to Pramerica underscored renewed investor and retailer confidence in Ealing, and recognised that Crossrail’s imminent arrival would be a “game-changer” for the area.
“The disposal enables us to bring forward the second phase of the Arcadia Portfolio re-development,” he said.
“We’re looking forward to working hand-in-glove with Ealing Council on this next stage of the project, to design and deliver a scheme that will enhance further Ealing town centre.”
Pat Hayes, Ealing Council’s executive director for regeneration and housing, said Pramerica’s purchase was clear evidence of the borough’s high standing.
“It once again demonstrates that Ealing is a place where major blue chip international investors want to be and that Ealing town centre is a strong commercial prospect,” he said.
“It also gives Benson Elliot additional resources to tackle the more challenging second phase of the scheme, and we look forward to working with them on this project, Arcadia having gone so well.”
The redevelopment of the Arcadia Centre will see the structure given an extensive facelift and the number of units it boasts reduced to three large occupiers - Morrisons, TK Maxx, and McDonald's.
Benson Elliot said work was due for completion this autumn.
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