British Land has revealed plans for a 4.9-acre retail-led development in south-east London after buying up swathes of Woolwich town centre.
The property giant plans to redevelop the Woolwich Estate into a retail-focused scheme after purchasing it for £103 million from Mansford Real Estate.
It will gain control of 56 existing retail units, alongside 50,000sq ft of residential space and a further 3000sq ft of office space.
British Land said it plans to focus on redeveloping and improving the high street, favouring independent retailers over big high street brands.
The project is planned to be a “slow burner” and will take roughly five years to complete.
“We believe in mixed-use places, so we want to bring in uses such as fashion retail, food and beverage and potentially the private rental sector,” British Land’s head of retail Charles Maudsley said.
”We think bringing British Land’s placemaking approach to Woolwich is a fantastic opportunity to create a thriving retail-anchored centre.”
The Crossrail line will open in the area in December, and property firms have been investing heavily in areas along the line. Berkeley Group’s Royal Arsenal Riverside development has already reportedly encouraged regeneration in the Woolwich area.