HUB and HIG Capital have acquired Finsgate House next to Old Street roundabout for £31m with a view to creating a mixed-use scheme on the island site.
The plans for the site, which currently houses three office buildings, include new professionally-managed and sustainable homes and offices, including affordable office space, alongside improved public realm.
The joint venture partners intend to prioritise material re-use during the redevelopment process and will ensure the proposed scheme is energy efficient in operation.
The development team will now work with the local community to understand its needs and priorities, and how these can be addressed within the scheme.
Robert Sloss, CEO of HUB, said: “This is HUB’s first scheme in Hackney and our first deal with HIG. This transaction continues our thematic strategy of targeting stranded commercial assets that require repositioning. Our intention is to deliver a best-in-class next generation scheme that is fit for the innovative neighbourhood it will be part of. Equally, and as with all HUB projects, we will strive to create buildings that engage with the community and add value to the Borough and its residents.”
Stelios Theodosiou, managing director of HIG Realty, added: “The London residential market continues to benefit from strong fundamentals, and we believe this opportunity is the first of several across a number of specific locations in London. This transaction demonstrates our ability to identify positive trends and prime sites, this seed asset sitting at the heart of London’s technology and innovation belt.”
Oliver Heywood, a partner in the residential investment team at Knight Frank, which acted for HUB and HIG on the acquisition alongside Allsop, said: “We are delighted to have supported Hub in securing yet another exceptional property in a prime central London location as they continue to expand their portfolio. Knight Frank takes pride in facilitating transactions that contribute to the evolution of our cities, and we look forward to seeing the positive impact this project will have on the local community.”
