Savills, on behalf of RA Trading, has sold the freehold of 25 Mollison Avenue in Enfield to self-storage operator Cinch for £4.7 million.
The site comprises 19,324 sq ft (1,795 sq m) of warehouse space, situated in a well-established industrial location just 13 miles outside of central London via Junction 25 of the M25.
Jack Booth, director in the industrial & logistics team, comments: “The Enfield unit provided the chance to acquire a freehold warehouse building within a highly desirable location close to central London. Vacancy rates remain critically low within the M25, despite increasing demand for good quality space, causing significant competition from occupiers, developers and investors for freehold sites. As a result, we were able to achieve a new headline price for the site on behalf of our client.”
Richard Owen, director at Cinch, adds: “25 Mollison Avenue represented a rare opportunity to acquire a prominent site in London with vacant possession. We are seeking planning permission to build a 60,000 sq ft purpose built self-storage facility. Phase 1 of the store will begin trading towards the end of Q3. We continue to pursue similar opportunities across the UK with a strong focus on assets in London”.
