SEGRO announced that it has agreed a 44,100 ft² (approx. 4,100 m²) pre-let development with Premier Inn to construct a five story, 96 bedroom hotel and restaurant at Advent Way, Enfield, North London. In addition, SEGRO will undertake the speculative development of 84,150 ft² (approx. 7,817 m²) of space adjacent to the hotel to create a high quality business park suitable for businesses involved with urban distribution, trade counters, light industrial and storage facilities.
Advent Way covers 5.2 acres and runs parallel to the North Circular Road. A disused factory used to stand at this site, which SEGRO demolished to make way for this modern development scheme.
This is the first development SEGRO has secured with Premier Inn, part of Whitbread PLC. The hotel will include a ground floor bar/restaurant, business meeting room facilities, a new access road and 96 customer car parking spaces. The hotel will provide important support services and amenities to the companies located at the business park, as well as contributing to a high quality environment that will be attractive to occupiers.
The speculative development comprises 15 units ranging in size from 2,300 ft² (213 m²) to 13,000 ft² (1,207 m²). The buildings will be suitable for a range of purposes and are specifically targeted at businesses undertaking ‘last mile’ urban distribution activities. This development represents an important investment by SEGRO in the London Borough of Enfield. It is a good example of how SEGRO is making use of its well-located land bank to attract new customers, such as Premier Inn, and to take advantage of the shortage of availability of modern distribution buildings in major conurbations, such as London.
Construction is due to commence in July 2013, with the completion of the speculative development in March 2014. The hotel is scheduled to open in May 2014.
Alan Holland, SEGRO’s Business Unit Director for Greater London, comments: “We are delighted to have secured this pre-let with Premier Inn and we believe this development marks the start of an important relationship with Whitbread Hotels and Restaurants. We are also pleased to be commencing speculative development in Enfield, which is a first for SEGRO in North London. Advent Way is an excellent location, situated adjacent to the North Circular Road, and it will appeal to businesses that serve this immediate area as well as those that require easy and direct access into Central London.”
Owen Ellender, Acquisition Manager for Whitbread Hotels and Restaurants, said: “Premier Inn is popular as we give our customers what they want – affordable, high quality hotels in great locations across the country. We currently have more than 7,000 Premier Inn bedrooms in London and within the M25 and we are on track to double that number by 2016 and hit our growth targets. This latest deal in Enfield delivers another quality site for our customers, creates new jobs, and supports the revitalization of an important London trading estate. These are real benefits for the local area and I look forward to getting the hotel built and open and supporting the established businesses in and around Enfield.”
The hotel phase of the development is expected to create around 32 new full time jobs, part of the 10,000 new roles that Whitbread is creating over the next three years as it expands the Premier Inn and Costa brands. The business has the target of allocating 50 per cent of the jobs at new hotel and restaurant sites to local unemployed people. The total development could help to deliver over 200 jobs.
SEGRO is targeting BREEAM ‘Excellent’ for the two phases of the development.
Source: FTI Consulting