Arcadia Site Acquired by Investment Fund

Benson Elliot buys Ealing town centre project from administrators

Property investment management firm, Benson Elliot, have bought the Arcdia site from the administrators of Glenkerrin, the failed company which originated the scheme.
The company have said that they intend to make a phased development of the site but have not disclosed any further details. The site comprises the Arcadia shopping centre and a number of adjacent high street retail units on Ealing Broadway.

The administrators, Grant Thornton, had taken over responsibility for the scheme and have managed it since May of last year on behalf of the National Asset Management Agency (NAMA), the Irish State body tasked with reducing the amount of bad debts in the country's banking system.

Benson Elliot now own the major part of the 2.8-acre island-block. The price paid has not been revealed.

Phil Irons, Partner at Benson Elliot, said: "This is a great opportunity to revitalise a key part of Ealing's town centre and we look forward to working with Ealing Council and the local community to realise its potential."

Malcolm Shierson of Grant Thornton, added: "This is a strategically important site for Ealing and we are pleased to have found a purchaser whose aspirations for the asset are aligned with its potential."

London & Associated Properties and GCW advised Grant Thornton in the transaction, whilst Strutt & Parker advised Benson Elliot.

The original company was given approval by Ealing Council for the development by Haven Green of a 1.7 hectare site which would have provided high density retail mixed use scheme consisting of 18,542 sq m of retail space and 567 residential units as well as office and leisure facilities. But after substantial local opposition the project was rejected at a public enquiry at the end of 2009.

October 29, 2012