Tri7, working with partner Alchemy, has acquired a 2.16-acre freehold site in Wood Green from U+I and Proprium for £21.5 million. The site is currently let to Mecca Bingo until December 2026.

Tri7 is looking to explore a new residential-led development on the site, potentially providing several hundred units to an undersupplied area of London. Wood Green Underground Station is within a three-minute walk from the Lordship Lane site providing convenient and fast access into Central London.

Haringey Council has been awarded multiple grants from the Greater London Authority to fund infrastructure improvement projects in Wood Green, which will significantly increase the stature of Wood Green as a London residential location and make the redevelopment of the Lordship Lane site by Tri7 a valuable investment for the future of the area.

This is the second major transaction Tri7 has completed within six months since a partnership was formed between the firm and funds advised by Alchemy Special Opportunities LLP (Alchemy), the European private equity and special situations firm. The partnership provides Tri7 with up to £100 million of funding to invest up to £250 million into opportunities that have arisen on the back of COVID-19 and the continued disruption of the high street across the UK.

Tri7 is actively looking to unconditionally acquire freehold shopping centres, leisure & retail parks and offices with short to medium term income that can be repositioned into attractive alternative uses such as residential, student or BTR accommodation. Its current focus lies on single assets as well as portfolios of assets in London as well as the UK’s leading regional cities and town centres.

In July 2021 Tri7 acquired the 200k sqft “The Core” Shopping Centre in Leeds city centre located off King Charles Street containing 30 retail units spread over three levels. Tri7 has since secured several new food and retail tenants while working closely with existing tenants to support them through the COVID-19 crisis.

Samuel Castle, Commercial Director at Tri7 commented: “The Tri7 team are pleased to have completed our second major transaction since we entered into our partnership with Alchemy, following the successful acquisition of “The Core” in Leeds. The Lordship Lane deal was an unconditional acquisition completed within 15 days, a testament to the hard work of and good working relationship between the senior teams at Tri7 and U+I. “

Alex Bowman, Acquisitions Director at Tri7 added: “The acquisition on Lordship Lane marks another successful purchase in our expansion drive on the back of the £250 million we seek to invest. We are actively looking for strategic freehold sites where Tri7 can add significant value through redevelopment using our expertise in sectors such as retail, residential, office and student accommodation.”