Frogmore snaps up Stratford
Published: 22 February, 2017
Stratford shopping centre bought for £141.5m
Frogmore has bought the Stratford shopping centre in east London from Blackstone and Catalyst for £141.5m. The 306,000 sq ft centre and is fully let, grenerating income of £8.2m pa.
Tenants include Sainsbury’s, Lidl, New look, Boots, Sports Direct and JD Sports. The purchase also includes an adjoining 113,000-sq ft office building which is currently vacant and a development site with consent for 587 residential units across 540,000 sq ft.
Frogmore’s director of acquisitions, Patrick Smith, said: “Stratford shopping centre is virtually fully let and benefits from an existing footfall of 26.5 million people Our value add strategy will be to capitalise on the huge footfall and increase dwell times by improving tenant mix within the scheme.
“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 gives us 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.”
The purchaser was advised by JLL and the vendors by Savills.