The Pears Group has bought 16 retail units at the £600m Hallsville Quarter development in Canning Town, E16.
The ground floor units, which span around 45,000 sq ft across both first and second phases of the development, were acquired for around £10m from Linkcity, the developer behind the scheme. The deal reflected a circa 5% initial yield.
Tenants that have so far signed up include Superdrug and The Gym Group, as well as various independent retailers.
Morrisons will occupy a large remainder of the space forming part of Phase 1. The upper floors will include apartments, an Ibis hotel and Argo Apartments (Grainger’s PRS platform).
Hallsville Quarter is being delivered by Linkcity, in conjunction with the London Borough of Newham, and part of the wider £3.7bn Canning Town and Custom House Regeneration Programme.
It will be delivered over five phases and will provide approximately 1,100 homes, more than 300,000 sq ft of leisure and retail space, and community facilities.
Jonathan Rose, group managing director at Pears Group, said: “This investment fits with our strategy of buying well-located, high-quality assets, close to transport hubs and within regeneration areas with positive population dynamics.”
Mellersh & Harding advised Pears Group; Knight Frank acted for Linkcity.
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