One of the last major development opportunities on London’s City Road is being put up for sale.
The site, 225 City Road, EC1, has planning for a 22-storey mixed-use development with 100 rental apartments and 146,000 sq ft of office space.
The scheme, being sold through Knight Frank and JLL, has a potential end value of £290m.
It is being sold by special-purpose vehicle City Road Property Development Ltd, a company controlled by directors that are linked to developer Spiritbond, which holds an option to develop out the site after gaining planning in March. Overall ownership of the site rests with the Reuben brothers.
A resolution to grant planning was granted subject to a signed section 106 agreement. The 100 residential units have been earmarked for the PRS, which would make it one of the first purpose-built towers in Zone 1.
The AHMM Architecture-designed scheme includes a fitness centre, flexible retail use at ground-floor level and office use at ground-to-sixth-floor level. The freehold is being sold unconditionally, and the site could potentially accommodate increased density and more residential within the consented envelope.
James Barton, partner at Knight Frank, said: “The location, size and consent for the site makes it able to deliver an iconic scheme, while also providing an opportunity to facilitate a significant higher-density development.”
The site has sat dormant for a number of years, and was last used a car park. However, it is surrounded by new developments including Canaletto (Orion Capital Managers), 250 City Road (Berkeley Homes), The Lexicon (Mount Anvil), The Eagle (Mount Anvil), and The Atlas Building (Rocket Investments).
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