Frogmore has bought Stratford Shopping Centre, E15, and an adjoining PRS development project from Blackstone and Catalyst Capital for £141.5m.
The 306,000 sq ft retail space is fully let with an annual gross rental income of £8.2m. It also includes 113,000 sq ft of empty office space.
Planning consent has been given for another 540,000 sq ft of space on the site, which would include 587 flats.
The shopping centre is in the London Borough of Newham, which is expected to benefit from the opening of Crossrail through Stratford.
Patrick Smith, director of acquisitions at Frogmore, said: “The Stratford area’s continued regeneration is an important consideration for us and the arrival of Crossrail in 2019 will boost connectivity and values.
“The planning permission give sus a good guide as to the potential of the site and we look forward to working with Newham and other local stakeholders to unlock a viable and comprehensive solution.”
Frogmore was advised by JLL and the sellers were advised by Savills.
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