British Land has acquired a 1.4-acre retail site in Ealing Broadway in a £49 million deal.
The 70,000sq ft retail space is home to 21 high street retailers and sits alongside the W5 shopping centre.
It was purchased from Benson Elliot who previously held a residential-led planning application for the site which has now been withdrawn, allowing British Land to explore expansion options.
“Ealing Broadway W5’s outperformance over the last four years gives us considerable confidence to add to our holdings,” British Land head of retail Charles Maudsley said.
“The assets provide near term income as well as future development opportunities that can be progressed when the time is right.
“The area benefits from excellent transport infrastructure and will be a Crossrail station from 2019.
“More broadly, Ealing is undergoing a transformative redevelopment including £1bn of new residential and commercial investment that continues to enhance its appeal.”
British Land acquired the W5 development in 2013 and has since refurbished and re-let a third of the property.
Benson Elliot managing partner Marc Mogull said: “British Land has already demonstrated a strong commitment to Ealing’s town centre and their thoughtful approach to high quality placemaking will serve the borough and its exciting future well.”