Ballymore acquires London shopping centre for €83m

Sean Mulryan's Ballymore property development company has exchanged contracts to acquire the freehold interest of a 190,000sq ft shopping centre in Edgware, north London, from Aberdeen Standard Investments..

While the value of the deal for the Broadwalk Shopping Centre has not been disclosed, it is understood that Ballymore paid around €83 million to secure ownership of the scheme, which sits on a 13-acre site that is primed for redevelopment.

The developer will now work with the London Borough of Barnet and engage with the local community with a view to devising a plan for the site as part of the wider regeneration of Edgware town centre. Ballymore said it had already engaged with the local council to understand its ambitions for the area prior to committing to its purchase.

Commenting on the deal, Sean Mulryan, chairman and group chief executive at Ballymore, said: "Ballymore has a great deal of experience in town-centre communities, and over the many years we have been in business we have learnt a lot of lessons. How these places look to evolve in the coming years will be key to their success as the essential nature of high-street retail changes so rapidly.

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“Connected by the Northern Line to central London, this is a fantastic area with incredible potential for a mixed-use development with new homes, shops and businesses.

“We’re looking forward to collaborating closely with the local community and the council to evolve this town centre into a place that is fit for the future, and ready to deliver what our communities want and need on their doorstep.”

Track record

Ballymore has a track record of creating mixed-use developments both in the UK and in Ireland. Its mixed-use Dublin Landings scheme in the city’s north docklands is nearing completion, while the nearby Connolly Quarter is set to comprise 741 apartments, and a mixture of leisure, commercial and retail space.

Ballymore is also currently at various stages of development at several residential schemes in Dublin and Kildare.