A £400m development site in the City of London has been brought to market by a joint venture between developer Rocket Properties and hotel group 4C Group.
Kauffmans has been appointed to find a buyer for 60 Aldgate, EC3, which has detailed planning permission for a 255,000 sq ft office scheme.
An investor is sought to help fund the build and development process, which is estimated to take around four years. The site has been prepared and construction will begin when an investor has been secured.
The site is owned under various freehold and long leasehold titles by Transport for London and 4C. In 2022, the jv signed a development agreement with TfL to bring forward a new scheme following years of site assembly.
TfL plans to combine the freeholds and grant a 500-year leasehold geared to 5% to the developer. The buyer will then hold all of the shares in the vehicle owning that long leasehold interest.
Once completed, the site, which is targeting occupiers looking for large floorplates in London’s “tech belt”, is aiming to achieve WELL Platinum and BREEAM Excellent ratings.
The site forms a part of the mixed-use Minories Estate redevelopment, which includes a five-star, 340-bedroom Canopy by Hilton hotel, backed by a £65m cash injection from 4C Group, and 88 homes.
Marsha Rabinovich, director at Kauffmans, said: “The proposed structuring of 60 Aldgate presents investors with the opportunity to capitalise on market conditions and secure a completely de-risked site in the City of London which is perfectly positioned to achieve a prelet from a world-class occupier looking for their London HQ.”
Images from Rocket Properties
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