Overall, Kennet owns 36 acres at the site, and the developmentagreement is based on a land value of £850,000 ($1.25 million) peracre. Subject to detailed planning consent work is due to start onsite early next year, with completion scheduled for late 2003.

This joint venture follows two successful previous projectsbetween Kennet Properties and ProLogis Developments at Innova Park,Enfield: a 180,000-sf speculative building let to DeLuxe VideoServices and a 55,000-sf pre-sale to JJ Fast Foods.

Kennet Properties director Jonathan Cornelius said: "Ourdecision to develop this site with ProLogis on a speculative basiswill kickstart the whole of Aztec 406. This is not only a firmendorsement of the vitality of the M25 distribution market, but isin line with our policy of promoting our surplus brownfieldlandholdings."

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.