Picton to sell Central London Office to Residential Opportunity
Picton has appointed global real estate advisor CBRE to market its Angel Gate campus on City Road, London for sale.
Angel Gate comprises 64,765 sq ft of office accommodation with extensive external amenity space, and benefits from a large basement car park. Picton secured residential consent via Permitted Development Rights (PDR) across 50% of the space including all the vacant accommodation. The remainder of the estate is eligible for residential conversion on expiry of the occupational leases.
With a highly reversionary current office passing rent of approximately £1.3 million per annum (£21 per sq ft), the campus is also suitable for flexible workspace operators. In addition the low site density provides longer-term site assembly and enhanced massing potential.
The marketing of Angel Gate for sale presents a unique opportunity to pursue a de-risked office-to-residential conversion in Zone 1 London. Equally, being so well located, only five minutes from Angel Station, we expect the property will appeal to investors in the flexible office sector in addition to other alternative uses
Having secured residential consents over half the space, and the exemption from the new Article 4 Direction at the end of last year, we decided it was time to bring the asset to the market and enable the future potential to be realised
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.