The sale has focussed on a clear opportunity for change within the town which will be a catalyst for growth. The proactive local council is looking for a significant addition to the number of residential units in the town centre.
The plans outlined for potential buyers included scope for 657 new residential units, a larger car park, a refurbished market hall, the opportunity to create a new discount food store, and space for a new leisure offer, a large cinema, restaurants and extended and enhanced retail units.
“We have worked on Edmonton Green shopping centre for over 10 years so we understand the potential here. This is a fantastic opportunity for someone with vision and it is exciting that several bidders clearly saw that the sale is not just about the shopping centre and the returns it offers but about the opportunity to drive real change in a town centre and make the place vibrant and relevant for its community” says GCW director David Gooch.
The existing shopping centre is on a newly regeared long lease for 150 years with net income over £5 million pa. Recent lettings in the centre show in excess of 30% rental growth over five years. The centre also houses key community assets including a library, a post office, and a thriving local market.
The busy town is a well-connected London suburb with a less than 30 minute journey time into the City and the West End and the catchment population is projected to grow by 25% over the next 20 years. Nearby developments are planned to add significant numbers of homes and jobs and a new mixed-use scheme includes Tottenham Hotspur’s new football stadium. There is also existing residential consent for 77 PRS units.