Laing Property’s £50m town centre scheme for Enfield has been given a massive boost with the announcement that blue-chip Dutch investor ING – with experience of developing shopping centres throughout Europe - has been brought in as development partner and it will also fund the project.

At the same time, a 50:50 joint venture company between Laing Property and ING has signed the development agreement with the London Borough of Enfield enabling work on the scheme at the Cecil Road and Sydney Road car park sites to move forward. Construction is expected to start in late 2002 with completion in late 2003.

The scheme, totalling over 23,000 sq m (250,000 sq ft), which will regenerate the heart of Enfield, received outline planning consent in December 2000

ING Real Estate will provide the funding for the entire scheme throughout the development period. Jan Doets CEO of ING Real Estate commented “This strengthens our position in the UK retail market and boosts our UK Real Estate portfolio which will be managed by our asset management arm in the UK, Baring Houston and Saunders”.

The centre will contain 23 units in open malls with the retail and leisure mix comprising fashion, music, food and catering outlets. The development also includes a 4,180 sq m (45,000 sq ft) civic facility including a library and a performing arts centre. A multi-level car park will hold approximately 550 spaces feeding directly into the scheme.

Steve Wehrle, retail development director for Laing Property, said, "We have reached an important stage in the redevelopment of Enfield town centre. We have worked in close partnership with the London Borough of Enfield over the last 18 months to bring forward a scheme that Enfield will be proud of, and have been given a massive boost with the involvement of ING.”

Director of development at ING, Siep Hoeksma, said, "We are pleased to be working together with Laing Property on the Enfield scheme. Jointly, we have already carried out empirical and market research and are confident that the scheme will be attractive to retailers and a much welcomed new facility for the people of Enfield."

Councillor Del Goddard, Enfield’s cabinet member for regeneration adds, “ I fully welcome the partnership that has been established to deliver this project. We have now reached the point where we are able to confirm that the scheme is going ahead. I am very pleased that the joint venture is working with the council, traders and local community in a focus group that meets regularly to discuss all our concerns and needs. This development will help Enfield Town retain its status as a major shopping centre creating a vibrant town centre to take us forward over the next 20 years.”

The outline planning consent was cleared by the Secretary of State in January within the 21-day timeframe, reflecting government policy to encourage the regeneration of town centres and inner cities.

Agents acting for Laing Property were Chase & Partners. ING was represented by CB Hillier Parker and London Borough of Enfield by Donaldsons.


For more information contact Steve Wehrle of Laing Property on 020 7 467 1001




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