Picton has secured planning consent for the office to residential conversion of its Angel Gate office asset in London.
Earlier this year, Picton obtained residential consent via permitted development rights on 30,000 sq ft of vacant office space at Angel Gate after an article four restrictions lapsed.
However, further conversion of office space to residential was restricted by an updated article four direction which came into force in September.
Picton engaged with local and national planning authorities to modify the article four direction and remove the 1.7 acre site from this restriction, thus unlocking a further 34,000 sq ft of space at Angel Gate for residential conversion.
The company has retained CBRE to undertake a review of strategic options for the asset.
Michael Morris, chief executive of Picton, said: “This is a significant step forward in our office to alternative use strategy that complements our success in Cardiff, where we have exchanged contracts to sell a partially vacant office building to an experienced PBSA developer and at Colchester Business Park where we have leased a vacant office unit to a healthcare occupier.
“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 one location.”
