FAIRACRE
01 / 01

Edmonton

Type: Industrial Planning / Redevelopment
Size: 70,000 sq ft
Address: Enfield, London

The Property

LaSalle Investment Managers, as fund managers on behalf of a UK PLC pension fund, approached Fairacre to asset manage a multi-let industrial estate situated on the North Circular Road, London’s primary inner orbital artery.

Prior to Fairacre’s involvement, this 33-acre, 900,000 sq ft estate suffered from declining income, deteriorating building stock, as well as significant and escalating non-recoverable expenditure.

Asset Management

• ­During the initial phase, focus was put on halting the rapid decline in net income.

• ­Following a long and complicated planning process, consent was granted for a new distribution/manufacturing development of approximately 46,500 sq m.

• Rebranding and fresh marketing of the site.

• Regearing existing leases, remarketing vacant space and seeking new revenue sources.

• The scheme now offers a unique opportunity of providing a single building of 28,000 sq m. in such close proximity to the dense conurbation in North London, 10 Miles from the city centre and reaching 25% of the UK population within a 2-hour drive time.

Exit

­With a site valuation of £12.4m, a total capital investment (including acquisition) of £21m; a sale to local council was concluded at £62.5m.

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