Savills sells Tottenham trading estate
Savills Investment Management has sold the Mowlem Trading Estate in Tottenham, N17, to Goodman.
The 212,000 sq ft trading park had been owned by a FTSE 100 corporate pension fund client of Savills IM for more than 20 years.
Three phases of redevelopment and remodelling from 2013 to 2020 had helped to more than double the rental value of the estate over the past 10 years.
Savills Investment Management has sold the Mowlem Trading Estate in Tottenham, N17, to Goodman.
The 212,000 sq ft trading park had been owned by a FTSE 100 corporate pension fund client of Savills IM for more than 20 years.
Three phases of redevelopment and remodelling from 2013 to 2020 had helped to more than double the rental value of the estate over the past 10 years.
The estate is believed to have been sold for more than £125m.
Savills IM director Lucy Winterburn said: “Mowlem Trading Estate has always enjoyed strong tenant interest throughout our client’s long period of ownership. The decision to invest in the estate to redevelop and improve the look and feel of it over the past 10 years has paid dividends, both in terms of rental growth and valuation upside and resilience.
“We have been delighted by the strong interest that this sale has generated, and more importantly by the strong price that we have been able to secure.”
Tom Scott, director in the logistics investment team at Savills, who advised on the sale, said: “Mowlem Trading Estate is a truly prime logistics asset, and it is no surprise that the sale price achieved reflects a new market benchmark.”
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