Overall, Kennet owns 36 acres at the site, and the development agreement is based on a land value of £850,000 ($1.25 million) per acre. Subject to detailed planning consent work is due to start on site early next year, with completion scheduled for late 2003.
This joint venture follows two successful previous projects between Kennet Properties and ProLogis Developments at Innova Park, Enfield: a 180,000-sf speculative building let to DeLuxe Video Services and a 55,000-sf pre-sale to JJ Fast Foods.
Kennet Properties director Jonathan Cornelius said: "Our decision to develop this site with ProLogis on a speculative basis will kickstart the whole of Aztec 406. This is not only a firm endorsement of the vitality of the M25 distribution market, but is in line with our policy of promoting our surplus brownfield landholdings."
FPDSavills is letting agent on the whole scheme.
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