Picton wins right for EC1 resi conversion

Picton has won a fight to convert an office campus at Angel Gate off City Road, EC1, to residential. Earlier this year, the £761m REIT obtained permitted development rights to convert 30,000 sq ft of vacant office space. However, this was only possible because Article 4 restrictions had lapsed. In September, any further conversion of office space to residential was restricted by an updated Article 4 direction. Picton said it had engaged directly with both the local and national planning authorities. As a result the Article 4 direction has now been modified to remove the entire 1.7-acre site from this restriction, unlocking a further 34,000 sq ft of space for residential conversion. Picton has retained CBRE to undertake a review of strategic options for the asset. Picton chief executive Michael Morris said: “The progress at Angel Gate was made possible by our asset management team’s knowledge of the changing planning policy environment and engagement with the planning authorities to achieve a rare outcome that can generate residential supply in a sought after Zone 1 location.” He added: “This is a significant step forward in our office to alternative use strategy.” Picton has already exchanged contracts to sell a partially vacant office building in Cardiff to a PBSA developer, while at Colchester Business Park it has leased a vacant office unit to a healthcare occupier. To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews Photo from Picton