LBS Properties has acquired two office buildings close to Old Street Roundabout with consent for a 70,000 sq ft redevelopment.
The London-based developer has acquired 1-2 Cranwood Street, EC1, from CBRE Global Investors for around £25m.
Earlier this year, CBRE GI instructed Harris Associates and Colliers International to seek offers in excess of £27m for the freeholds of the former school at Hertford House and Napier House.
Planning consent has already been achieved for the refurbishment and extension of locally listed Hertford House to produce 33,852 sq ft and the demolition and erection of a new building on the adjoining Napier House site to produce 24,596 sq ft.
The buildings, which are around 100m from Old Street Roundabout in the heart of Tech City, will be delivered with full vacant possession.
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