Yahoo Finance Property firm St Modwen seeks £70m for Edmonton Green site
Chas & Dave may have immortalised the north London suburb, but property developer St Modwen on Monday looked set to bail out of Edmonton.
The company has hoisted a £70 million for-sale sign over a swathe of property in the area’s centre, the Evening Standard has learnt.
The FTSE-250 regeneration specialist is looking to offload the long leasehold on its 26-acre Edmonton Green site, described in the “rockney” duo’s song of the same name, after around two decades of ownership, according to property sources.
The land is home to scores of buildings, including a sports centre, Travelodge hotel, gym, over 700 homes, a market and a shopping centre let to retailers such as Asda and Argos.
Over £5 million in rent is generated every year from the land. The area is where singer Chas Hodges and the late Sir Bruce Forsyth were born.
St Modwen has invested heavily in revamping the buildings to attract new occupiers there, and has worked up plans that could see new restaurants, homes and a cinema open there.
However, it now wants to focus on investing instead in its mega warehousing pipeline to capitalise on demand for space from logistics firms.
It has hired property agent GCW to seek offers of over £70 million at Edmonton.
It is expected to appeal to pension funds that want steady income, or developers that want to invest in mixed-use projects.
