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.