Hub and HIG buy ‘stranded’ Old Street asset for mixed-use scheme

Residential developer Hub has teamed up with HIG Capital to buy Finsgate House near London’s Old Street for £31m. The pair plan to redevelop the property, of three office buildings spanning 42,909 sq ft at 5-7 Cranwood Street, EC1, as a mixed-use project with “professionally managed” and “sustainable” homes and offices, including affordable office space. The site’s redevelopment will add to Hub’s portfolio of more than 7,000 homes either completed or in progress across the UK, with over 1,000 expected to be finished by the end of this summer. Robert Sloss, chief executive of Hub, said: “This transaction continues our thematic strategy of targeting stranded commercial assets that require repositioning. Our intention is to deliver a best-in-class next generation scheme that is fit for the innovative neighbourhood it will be part of.” Stelios Theodosiou, managing director at HIG Realty, said: “The London residential market continues to benefit from strong fundamentals, and we believe this opportunity is the first of several across a number of specific locations in London.” Allsop and Knight Frank advised HUB and HIG on the acquisition. See occupational sale comparables in London EC1 >> Image supplied via Ing Media