Pigeon completes Cheshunt industrial sale

Pigeon, advised by M1 Agency has completed the sale of its MAX50 industrial development in Cheshunt to an undisclosed UK Local Authority Pension Fund advised by DTRE.

The sale marks a significant investment transaction in one of the South East’s most supply-constrained logistics markets.

M1 Agency and Freeths acted for Pigeon. DTRE and Bevan Brittain acted for the purchaser.

This follows the successful delivery of the 87,000 sq ft purpose-built facility at Theobalds Business Park, Waltham Cross. Strategically located less than one mile from Junction 25 of the M25 and fronting the A10, the scheme occupies a prominent position within the established Broxbourne employment corridor, an area characterised by strong occupier demand and limited availability of high-quality space.

The sale underlines Pigeon’s ability to originate, deliver and realise value from strategically located, occupier-led developments, with a continued focus on high-quality assets capable of attracting institutional capital.

Development details

The building was pre-let prior to construction to Hedin UK, a well-established BMW and MINI automotive retailer headquartered nearby in Enfield and was purpose-designed to meet the occupier’s operational requirements. Incorporating a full structural mezzanine to maximise capacity and efficiency, the scheme delivers a long-term, secure income stream for the purchaser.

Delivered by Pigeon following early market engagement, the development reached practical completion in March 2026 and comprises a high-quality, sustainable asset in a prime strategic location.

Comments

Hugh French, director of development at Pigeon, said: “This transaction represents a strong outcome for Pigeon, consolidating value from a development that was carefully conceived to meet occupier demand in a highly competitive market.

“The pre-let to Hedin UK and the quality of the finished building have delivered an attractive asset.”