A fund managed by Credit Suisse Asset Management Global Real Estate has acquired Panther House, Farringdon, WC1, from Argo Real Estate, Investec and Dukelease.
It is understood Credit Suisse has paid around £36m for the site located at 156-164 Gray’s Inn Road, which it plans to speculatively develop.
Dukelease has been appointed as development manager for the project, designed by Allford Hall Monaghan Morris, by Credit Suisse.
The site comprises three neighbouring buildings that will be redeveloped to deliver 82,000 sq ft of office, residential and retail space.
A significant proportion of the existing buildings, including the character warehouse, will be retained for the new development.
It is the third acquisition in the UK by Credit Suisse Asset Management Global Real Estate since it created its UK real estate team last year.
The previous acquisitions were a 140,000 sq ft office building at 120 Edmund Street in central Birmingham, and a 23-acre site in Bracknell to speculatively build a 350,000 sq ft business park in joint venture with Chancerygate and Hines.
Jin Cui, head of asset management UK at Credit Suisse Asset Management Global Real Estate, said: “Delivering this scheme fits fully within our UK strategy of delivering high-quality office space in core locations in major cities.”
Richard Leslie, chief executive of Dukelease, added: “We are thrilled to have brought Credit Suisse Asset Management into this deal. We look forward to continuing on the journey and taking the scheme forward to deliver a best-in-class development for this special and historic corner of London.”
Cushman & Wakefield acted for Dukelease; Knight Frank acted for Credit Suisse Asset Management Global Real Estate.
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