Strettons advises Segro on Tottenham's largest land deal in a decade
SEGRO purchases eight acres of land on White Hart Lane, Tottenham, as it plans new 185,000 sq ft logistics development.
Strettons has announced the successful completion of a transaction that has seen SEGRO acquire eight acres of land in Tottenham, North London. The warehouse and industrial property specialists will bring forward a new urban logistics development of up to 185,000 sq ft at the site following the off-market purchase.
On completion, the development will be one of SEGRO’s closest assets to Central London and will feature a mix of high quality, modern industrial units, subject to planning consent. The company will consider a mix of both speculative and pre-let development opportunities.
Strettons’ Industrial Agency Department advised on the deal. The firm has also been retained by SEGRO as letting agents for the forthcoming development.
According to CoStar, the sale is the largest sq ft transaction in Tottenham in a decade and highlights the demand for land suitable for industrial development close to Central London to enable companies to meet the increased requirements of online retailers and last mile operators.
Commenting on the sale, Strettons’ Director and Head of Industrial Agency Neal Matthews said: “The site is perfect for a modern logistics hub given its proximity to Central London and excellent transport links.
“The continued use of a site of this scale inside the North and South Circular Road for industrial is rare and meet SEGRO’s innovative approach to cater for the changing nature of logistics and last mile delivery in its various forms. We are pleased to have worked with SEGRO on this transaction and look forward to working with them and the letting team moving forward.”
Alan Holland, Business Unit Director, Greater London at SEGRO said: “At a time when the availability of industrial land in London is diminishing, this site offers a rare opportunity to deliver a modern urban logistics hub in a well-connected, zone-3 location, inside the North Circular.
“Our ambition is to develop modern, high specification industrial units in a range of sizes which will complement our existing North London portfolio and capitalise on demand from a broad range of customer sectors, including online retailers and last mile operators.
“We’re very pleased to complete this off-market transaction and look forward to working with London Borough of Haringey and the local community to advance our plans.”
SEGRO owns and manages a £3.8 billion portfolio of industrial assets in London, including SEGRO Park Enfield and Navigation Park in Enfield, as well as the 2 million sq ft Park Royal Estate in West London. The company is also the Greater London Authority’s selected partner to deliver East Plus, comprising 1.4 million sq ft of industrial space across 86 acres of former brownfield land in East London
Strettons is a leading, independent firm of property advisors with expertise across a wide range of commercial and residential property, giving advice to buyers, owners, occupiers, investors, developers and more. Their core teams cover agency, property auctions, property and asset management and valuation and advisory services. Strettons operate throughout London and the Home Counties with more than 120 staff, while its auction department and property management business covers the whole of the UK.