Derwent London has confirmed its acquisition of the 2.5-acre Moorfields Eye Hospital site for £239m.
A deal for City Road Island, EC1, has been in the works with Moorfields Eye Hospital NHS Foundation Trust and UCL since late last year. Derwent is now working with architects at AHMM on a regeneration plan for the site, which is expected to be vacant in early 2027.
Derwent said the site could house a new campus of more than 750,000 sq ft. Chief executive Paul Williams said he wants the scheme to “deliver the next generation of distinctive long-life, loose-fit, low-carbon commercial space”.
Derwent announced the deal as it committed to its next big office scheme in the capital, with Williams saying the city “maintains its global appeal in an uncertain macro environment”.
The company expects to start work on the Network Building, W1, next month. The scheme will include 137,000 sq ft of offices.
In a business update for the first quarter, the company said it had agreed £3.9m of new leases so far this year, 8.2% above ERV as of December 2021. A further £3.3m of space is under offer.
Williams said: “London is busy again and maintains its global appeal in an uncertain macro environment. The flight to quality continues, our portfolio is well positioned and we are seeing a high level of enquiries and viewings.”
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