JLL closes sale of prime North London supermarket site

JLL disposed of the Site to achieve best value for Asda ahead of their financial year end.

The retail asset had a number of potential uses including self-storage, retail & leisure, industrial logistics and residential which were explored in detail with our teams across capital markets.  

There was a significant amount of local interest in the sale due to the Site's prominent location in Stamford Hill and the steps taken to ensure VP by vacating the tenants ahead of a disposal. The sale was managed by a series of competitive bidding rounds. The site was within the Crossrail safeguarding zone, so the numerous rounds of bidding gave opportunity to closely verify bidders’ due diligence.

As part of the disposal, JLL advised Asda to explore retaining a right of first refusal for a future convenience store lease within the sale contract to protect against any competition occupying space within a future redevelopment however best price was of higher priority so this contractual obligation was dropped.

Following bidder selection and further negotiations, the Site went into legals subject to searches only, in October 2023. There were delays in having searches retuned by LB Hackney, however, exchange was reached in December 2022 to a high net worth individual with other property interests locally. 

The Site sale completed in Q1 2023. JLL is pleased to have reached an exceptional price for the client at a time when most of the market was seeing a decline in buyer interest as well as offers that were not only lower but generally subject to conditions.