Ballymore exchanges on Edgware shopping centre

Developer Ballymore has exchanged contracts on its deal to buy the 190,000 sq ft Broadwalk Shopping Centre in Edgware, north London, from Aberdeen Standard Investments. The shopping centre, which is directly adjacent to Edgware Underground station, was placed under offer last month for around £75m. It was marketed with various options for the site, ranging from development on the existing car park for extended retail and around 1,000 new homes, to a larger-scale redevelopment of the entire site comprising up to 3,500 homes. Ballymore will work together with Barnet Council to engage with the local community and follow planning processes to get the regeneration of Edgware town centre underway.  Sean Mulryan, chairman and group chief executive at Ballymore, said the area has “incredible potential for a mixed-use development with new homes, shops and businesses”. He 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.” Recent and ongoing regeneration schemes in Ballymore’s portfolio in the UK and Ireland include major mixed-use developments in Dublin, Brentford, Canary Wharf, Leamouth Peninsula, the Royal Docks, and Nine Elms.  Knight Frank acted for Aberdeen Standard Investments on the transaction; Ballymore was unrepresented.  To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette