Mixed-use developer Rocket Investments is to build a £200m twin-tower development on the City fringe.
Rocket is proposing a 300,000 sq ft residential-led scheme to replace the Crown House office block, next to Old Street roundabout, EC1.
The developer has yet to appoint an architect to design the scheme, which is likely to comprise two towers of up to 35 storeys.
Rocket this week bought the existing 70,000 sq ft building at 145 City Road from Glanmore Property Fund for £25m, and is working towards submitting a planning application to Hackney council during Q1 2012.
Royal Bank of Scotland occupies part of the building with two years remaining on its lease, after which the block has been earmarked for demolition.
Rocket has been stepping up its development activity in the area over the past 12 months.
Last July, the developer secured funding from Santander Corporate Banking to bring forward a mixed-use scheme on nearby East Road, N1. The firm agreed a revolving credit facility of as much as £40m to develop New Roman House, a Lifeshutz Davidson Sandilands-designed scheme comprising a hotel, offices, a pub and student flats.
Rocket was advised by aBB on the Crown House deal.
james.buckley@estatesgazette.com
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