Mixed-use developer Rocket Properties has completed its purchase of One Fairchild, E1, from Highgate Holdings, where it aims to develop a scheme with a gross development value of £300m.
The long leasehold for the 0.5-acre site, at 201-207 Shoreditch High Street, was bought as a prime mixed-use hotel and office development opportunity. Planning consent was previously granted in 2016 for a mixed-use scheme.
Andrew Hawkins, director of Rocket Properties, said: “We are firm believers in London’s vitality and its enduring success, and this acquisition is proof of our commitment.”
Marsha Rabinovich, director of Kauffmans, which advised the vendor on the sale, said: “We are seeing resilient demand from occupiers seeking grade-A accommodation in the area and are excited about the prospect of bringing the site forward.”
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