Slovakian developer HB Reavis has completed its second London development acquisition with the purchase of 20 Farringdon Street, EC4.
The site, which currently comprises a vacant nine-storey, 43,000 sq ft office building, has full planning permission for a Denton Corker Marshall-designed, 12-storey office building totalling around 75,000 sq ft.
HB Reavis originally put the scheme under offer last month but talks broke down in late September.
However, the firm came back to the table with vendors Artesian and Chenavari and a deal has now completed.
Savills advised on the sale of the site, quoting a price of £33m.
HB Reavis now plans to pursue demolition as soon as possible, with full build completion expected in early 2017.
Tomaš Jurdák, director of HB Reavis UK, said: “This exceptional site has recently received planning consent for a new office building in a location that has seen continued high tenant demand and a record low vacancy rate. We firmly believe that the strength of the area will allow us to evolve the existing designs and deliver a truly remarkable building.
“The scheme, which will benefit from the new Crossrail station in 2018, will provide much-needed Grade A office accommodation, and is designed to appeal not only to traditional City occupiers, who may be seeking a new headquarters, but also to tech and creative companies, many of which have recently taken space in the area.”
