General Projects banking on Islington office deal

General Projects is under offer to acquire the mixed-use Regents House, N1, owned by Royal Bank of Scotland. The developer is understood to have offered around £40m for the asset, a discount on the previous asking price of £60m. The 2.21-acre, 227,337 sq ft freehold asset, formerly occupied by NatWest, comprises office and retail accommodation across seven storeys. Built in 1980, the property has undergone several refurbishment, most recently on its first and fourth floors in 2017 in works led by architects LOM. The office has been vacant since NatWest announced a round of closures in 2022 as it sought to reduce its portfolio across the country. The 4,165 sq ft retail unit on the ground floor is also vacant after NatWest left in September last year. Cushman & Wakefield is advising RBS on the deal.