Fiera Real Estate and Danescroft have acquired a 5.6-acre logistics site in Edmonton from the London Borough of Enfield.
The joint venture partners will speculatively deliver a circa £68m GDV scheme on the site, comprising seven units ranging from 10,000 sq ft to 30,000 sq ft.
All of the units at the site, which is located just north of Meridian Water, will be built to EPC A+ and BREEAM Excellent ratings as a minimum and will be net zero carbon in construction.
The deal is the tenth acquisition completed by Fiera Real Estate Logistics Fund UK (FRELD) since its inception. FRELD has additional funds to deploy into similar small- and mid-box urban UK logistics sites.
Chris Button, head of investment management at Fiera Real Estate, said: “Ask me to to define a prime urban logistics site and I would show you Claverings. Precisely the sort of industrial regeneration opportunity that FRELD was set up to undertake and Edmonton is crying out for.”
Dominic Fryer, chief executive of Danescroft, added: “We are extremely excited to have purchased Claverings Industrial Estate, a complex site that is very much in need of regeneration to provide highly sustainable, best-in-class industrial and logistics space, which will create new employment opportunities and support Enfield’s economic development within a key employment zone.
“We now look forward to working closely with the London Borough of Enfield through the planning process and to redevelop the site to realise its true potential. We are extremely acquisitive and are always on the look-out for similar opportunities.”
