British Land has sold a landmark Islington site that could unlock a residential-led development valued at more than £150m.
Lothbury Investment Management, on behalf of Lothbury Property Trust, has bought the freehold interest in 31-41 Liverpool Road, N1, in an off-market deal for £63.4m – a sub-4% yield.
The 2.5-acre site consists of a 67,000 sq ft Sainsbury’s and 130-space car park.
The deal could pave the way for a major redevelopment opposite Angel Central shopping centre and close to Angel Underground station.
Lothbury is understood to be reviewing options for the site, which does not have planning.
Market sources suggested more than 200 homes could be built on the site, which would give it a value well in excess of £150m.
Developing a larger scheme is unlikely given Islington’s core strategy planning guidance, which states that towers more than 30m high are “generally inappropriate” to the area’s character and “will not be supported”.
All parties declined to comment.
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