British Land buys £103m London estate in bid to capitalise on Crossrail

British Land buys £103m London estate in bid to capitalise on Crossrail

British Land plans to transform a south east London estate which it has bought for more than £100m as it expands its ownership of sites near the new Crossrail line.

The Woolwich Estate covers almost five acres and comprises 56 shops and a number of homes, as well as a small amount of office space. British Land is expected to announce the purchase to the stock market on Friday morning.

Chris Grigg, the company’s chief executive, said British Land planned to improve the shopping and residential elements of the site over time.

“Because this site is mixed use it will enable us to use our placemaking skills to really transform the area,” he said. He said he was unconcerned about the value of any homes British Land develops in the area because “they will be at a price point which is still very much in demand”.

The FTSE 100 company already owns a number of sites which it expects will benefit from the new train route, known as the Elizabeth line, including in Paddington and Ealing.

In recent years it has focused on developing so-called “campuses”, which enable it to spread risk across office, retail and residential uses within the same site.