Market Tech Holdings (MKT), which owns 15 acres of assets in Camden Market, has secured unanimous planning approval for the redevelopment of 130,000 sq ft of Camden Lock Market. The plans, supported by Historic England, will double the net lettable area while at the same time preserving the unique local feel of the market.
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Major works are expected to start in a little over a year from now, and will take around two-and-a-half years to complete. The deal will add significant value to the group's portfolio; analysts at Shore Capital expect the current core valuation of £87m could have a fully developed value of £247m, and after costs, could add around 24p a share to net asset value, which at the September half-year end stood at 155p.
