In-Town: Palace Exchange, Enfield
Palace Exchange, Enfield
Client: ING Real Estate Development UK Ltd.
Instruction: Development advice
We initially advised John Laing Developments Ltd assisting them in securing developer status from The London Borough of Enfield on a town centre site. The development comprised 160,000 sq ft of new space in 22 new shop units, a 530 space multi-storey car park and a new civic centre. Palace Exchange enabled Enfield to claw back 70% of its expenditure leakage and provided a natural extension to the town centre retail offer.
We advised on tenant demand, design, compulsory purchase, site acquisition, letting and forward sale of the investment. Throughout we liaised with the Local Authority, the public and local businesses. We also gave evidence at the public inquiry into the Compulsory Purchase Order.
Our client changed identity on three occasions but we retained our instruction throughout with the development being completed by ING.
New retailers attracted to Palace Exchange included H&M Hennes, T K Maxx, La Senza, Oasis, Clarks and Jane Norman whilst Top Shop, New Look, Dorothy Perkins, Next and River Island relocated to larger stores.
Our approach in generating a strong working relationship between the developer and local authority was crucial in securing the successful completion of this long awaited development.