GCW has secured a successful shopping centre sale for St Modwen in Edmonton Green.
The long leasehold interest in the 495,000 sq ft Edmonton Green shopping centre in Enfield, north London, sold to an affiliate of Crosstree Real Estate Partners for £72 million representing a net initial yield of 6.6%. Covering 26 acres of the town centre, the sale includes an Asda and 109 other shops, a sports centre, medical centre, hotel, a local market and 754 residential units.
“We are delighted to have agreed this significant sale at a time when there are so few shopping centre transactions in the UK. We are particularly pleased to have achieved such a strong price for St Modwen by demonstrating clearly that Edmonton has a future as a vibrant town centre in this part of London” says GCW director David Gooch.
“Crosstree will be a great partner for Enfield Council and is well-placed to deliver on their aspirations for the future of the town. They clearly understand the opportunities available and have a plan to drive ambitious change” he adds.
GCW has worked as leasing agent on Edmonton Green for over 10 years and will continue in this role with Crosstree.