FPDSavills - Industrial Development - Edmonton, Aztec 406

Date: 06 Jan 2004

Kennet Properties, advised by FPDSavills, has concluded a second land sale to retailer Lidl at its 33 acre site at Aztec 406, Edmonton at a record breaking price of over £1,050,000 per net developable acre. This beats the £1milliion per acre price tag achieved by ESAB on its sale of 20 acres in Enfield to Gazeley Properties last year.

Lidl has purchased 12.54 acres from Kennet for the development of their first distribution centre in Greater London, which they are proposing to construct themselves on receipt of a detailed planning consent in 2004. The deal was remarkably exchanged unconditionally within 24 hours of solicitors being instructed.

Jonathan Cornelius of Kennet Properties says: “This sale endorses our view that Enfield remains one of the few areas of rental and capital growth within Greater London. The premium price achieved reflects this site’s prime location for B8 operators within north London. We have strong interest in the remaining 7 acres we own, fronting Meridian Way, where we are able to deliver design and build opportunities up to 120,000 sq ft. We are hopeful of completing the development of this site in 2004.”

This deal follows the land sale of over 13 acres at Aztec 406 to Prologis Developments in November 2002 at £850,000 per acre, which is due for development next year.

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