One of the last prime plots in the Old Street Roundabout, N1, area is being sold with the potential for a residential, hotel, office or student development.
The Dial-A-Cab site at 39-47 East Road is being sold without planning, but could accommodate a tower of up to 25 storeys, and depending on the use could attract bids in excess of £20m. The existing 15,558 sq ft office has five floors.
A residential tower of 90 units, assuming an average unit price of £500,000, could have a GDV of £45m-£50m. A number of 150-bedroom hotels in the same area have been put up for sale at more than £100m.
Offices in the area generally go for a lower value, though they have benefitted from the high demand from technology occupiers. The shortage of new-build office space means rents can exceed £55 per sq ft.
The existing 1950s office building is owned by Dial-A-Cab, which bought the site, according to the Land Registry, for £3.7m on 29 September 2006.
It is being sold by Knight Frank’s City and East Residential Development and City Commercial Development teams. Unconditional offers are for the freehold interest.
James Barton, residential development partner at Knight Frank, said: “The opportunity is one of the last remaining pockets of undeveloped land to be brought forward along the City Road cluster and is an exciting opportunity for a range of development uses.”
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