Kennet Properties has concluded a second land sale to retailer Lidl on its 33-acre Aztec 406 site at Edmonton, Middlesex, for a record-breaking £1.05M per net developable acre. FPDSavills, which advised Kennet on the sale, says the figure beats the £1M per acre price tag achieved by ESAB on its sale in Enfield to Gazeley Properties in 2002.
Lidl has bought 12.54 acres from Kennet to develop its first distribution centre in Greater London, which it proposes to build itself on receipt of a detailed planning consent this year.
Commenting on the sale, Kennt’s Jonathan Cornelius 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 seven acres we own, fronting Meridian Way, where we are able to deliver design and build opportunities up to 120,000sq ft. We are hopeful of completing the development of this site in 2004.
ProLogis bought more than 13 acres at Aztec 406 in November 2002 at £850,000 per acre, development of which is due to start this year.