Southern Grove has acquired an office scheme in Shoreditch with a gross development value of £33m.
The developer exchanged contracts on the land on 15 January, and plans to build a 49,000 sq ft office block in cross-laminated timber.
The site, acquired from a private family office, is located at 16 Orsman Road, N1, which backs on to the canal.
Southern Grove plans to allocate around 10% of the office floor area (4,000 sq ft) to affordable office space.
A terracotta façade will help the building blend in with the surrounding area, further raising the scheme’s sustainable credentials.
Tom Slingsby, chief executive of Southern Grove, said: “Shoreditch sprawl means that demand is moving towards attractive neighbouring areas and the canal is an obvious draw. The glazed facade to the property is designed to embrace what the canal has to offer, providing one of the most attractive canal-front aspects to be found in central London.”
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