Kennet Properties, advised by FPDSavills, has concluded a second land sale to retailer Lidl at its 33-acre site at Aztec 406, Edmonton, North London, at a record breaking price of more than £1.05M per net developable acre. This beats the £1M 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 its first distribution centre in Greater London, which it is proposing to construct itself 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 scale endorses our view that Enfield remains one of the few areas of the rental and capital growth within Greater London. The premium price achieved reflects the site’s prime location for B8 operators in north London. We have a strong interest in the remaining seven acres we own, fronting Meridian Way, where we are able to deliver design and build opportunities up to 120,000 sq ft. We are hopeful of completing the site in 2004.”
This deal follows the land sale of 13-plus acres at Aztec 406 to ProLogis Developments in November 2002 at £850,000 per acre, which is due for development next year.