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.
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