London International Freight Exchange
A proposed rail freight distribution scheme, the land to create London International Freight Exchange was purchased by Argent in 1997 for £1.535 million.
The 2.4 million sq ft rail freight scheme was taken to planning inquiry following the securing of a joint venture with Network Rail. Argent lost the inquiry but, utilising a well-planned exit strategy, the company exercised an option to purchase further land and subsequently sold part of this to the BAA led consortium for the creation of Terminal 5 Heathrow Airport.
The remaining land was sold to another developer, with a combined sales value of £49.3 million. Profit on assets at this scheme was 113 per cent.
This project was led by Stephen Tillman whilst at Argent.