CBRE is re-marketing a development site at Royal College Place, King’s Cross, N1, owned by Royal Mail Group and Parcelforce Worldwide.
The vendors are now inviting bids for the 3.7-acre freehold site, which is located in London’s Knowledge Quarter.
The site is near the Oriol and the Francis Crick Institute, which will become the new home of Moorfields Eye Hospital and UCL’s Institute of Ophthalmology. It is one of the last undeveloped stretches of land in the King’s Cross area.
Initial marketing of Royal College Place started in March this year. CBRE said the process attracted “significant interest from developers and investors, primarily from the life science and residential sectors”, but changing market conditions have forced a rethink whereby the agency will now consider offers for the site based on an unconditional initial land price plus further payments which may be linked to planning, rather than a single upfront payment.
Vacant possession of the site will be delivered when current occupier Parcelforce relocates to Tottenham, in north London, in spring/summer 2025.
CBRE expects a “major development scheme” to be brought forward by a purchaser of the site, subject to securing the requisite consents.
Alastair Perks, head of London development at CBRE, said: “It is no secret that market conditions are currently volatile, and our sale process has not been immune to this. Over 15 formal bids were received in May, and since this time a process of shortlisting, bid clarification and bidder interviews has taken place.
“Following this, we are adapting our approach to reflect the market we find ourselves in, and we expect that the revised sale structure will be better aligned with today’s appetite for risk. Importantly, it also ensures that our client achieves the optimal outcome from the sale of this strategically important asset.”
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