Developer Looking to Off-load Dickens Yard Development
St. George offering retail and leisure space to the investment market
Dickens Yard in Ealing
The developer of Dickens Yard in the centre of Ealing is looking to sell the retail and leisure space in the complex.
St George PLC, a member of the Berkeley Group, has announced its intention to off-load the non-residential part of the scheme to the investment market.
The 91,000 sq ft retail and leisure scheme boasts has a weighted average unexpired lease term (WAULT) of 13.64 years, with 44% of income subject to index linked rent reviews. Current tenants include Gail’s Bakery, Gymbox and BrewDog but anecdotally footfall has been below expectations with several businesses not surviving for long in the development.
St George is hoping that the long-awaited opening of the Elizabeth Line last month will boost the prospects for the scheme.
Sam Waterworth, Partner at Knight Frank who will be handling the sale, commented, “Dickens Yard offers a fantastic opportunity for an investor to acquire a high yielding, London retail and leisure hub in a major growth location. The state-of-the-art development offers long-dated income, index linked leases and a broad tenant base, encompassing the health & fitness, bars & restaurants, retail, entertainment and education sectors, making it a truly mixed-use asset.”
Piers Clanford, Chairman of St George Plc and Berkeley St Joseph, said: “This mixed-use community has truly set a precedent for high-quality development in the borough and we are proud to have played a part in this evolving neighbourhood. We’re seeing strong demand from homeowners wanting to live within walking distance of a whole breadth of retail, leisure and hospitality services, and this is what Dickens Yard provides. We only expect interest in the area to increase with the opening of the Elizabeth line.”
Ealing Broadway is a key interchange station on the new line and connectivity to Central London has dramatically improved with Liverpool Street just 22 minutes away. Canary Wharf is also accessible in less than 30 minutes.
Dickens Yard has played a vital role in the wider regeneration of Ealing ahead of the opening of the Elizabeth Line, and includes 700 apartments which completed in 2019, as well as a range of public spaces.
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June 2, 2022