259 CITY ROAD LTD SELLS RESIDENTIAL SITE FOR £150 DEVELOPMENT
259 City Road Limited has sold its residential development site at City Road Basin in Islington to Orion European Real Estate Fund III CV, for a fully consented, 30 storey, £150m residential tower.
259 City Road Limited, a joint venture between CRBL - a joint venture between Miller Developments and British Waterways – and local residential partner Groveworld, will continue to further develop the remaining land at City Road Basin. This is the second major deal for the joint venture following the sale of a 15-storey affordable housing block which has been forward funded by affordable homes provider, Family Mosaic.
Andrew Sutherland, Director, CRBL, said: “The sale of this element of the site forms part of our long term strategy for the canal basin in Islington, and now allows us, with our partners Groveworld, to look at other opportunities around the basin for potential development.
“Since 2001, we have successfully unlocked the development potential of a number of sites surrounding the water space as part of our wider masterplan which has been fully supported by the Council. Significant improvements to the amenity areas have already been completed and with the affordable housing provision well underway we look forward to making further progress on our activities around the basin. We are delighted the deal with Orion has been concluded and we are confident that their plans for the site will assist in the evolution of City Road Basin as a highly desirable residential location.”
The Orion development, one of the first residential schemes to be undertaken by a private equity fund, will comprise a 29-storey tower with predominantly 1-2 bed apartments and larger penthouses. The tower will sit on top of a podium with ground and lower ground levels comprising restaurants, a swimming pool, health club and parking for 78-cars. Completion is expected in 2014.
Aref Lahham, Director of Orion Capital Managers, said: “As a private equity fund manager, Orion moves into sectors when the time is right and for Central London luxury residential property aimed at international, as well as domestic purchasers and investors, we believe the time is now. At 259 City Road we have found a project with planning permission that has been expertly put together.”
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Note to Editors:
The Family Mosaic forward funded 15 storey-housing block is due for completion in February 2012.
The project lies halfway between the City of London and Angel, Islington. It is within walking distance of Bank but is also close to the restaurants, cinemas and retail attractions of Islington.
City Road Basin Limited (CRBL) is Miller Developments’ second joint venture with British Waterways.
Established in January 2001, CRBL was created to develop City Road Basin comprising various properties on 8.5 acres of land surrounding the Islington Canal basin. The freehold land is owned by British Waterways and is situated in one of London’s most fashionable and cosmopolitan districts, the Islington Canal basin is to be transformed into a stylish waterside residential quarter with restaurants and shops.
The new civic square, City Road Basin Plaza, is complete, marking the first time that the public could access the basin. City Road Plaza Basin is being actively used by the local community for a number of events.
City Road Basin is an excellent example of responsible, sustainable and innovative urban development. Good practice environmental principles are being incorporated where possible for energy conservation, water usage, and the use of sustainable materials and technology.
CRBL have also formed a joint venture with local residential partner Groveworld (259 City Road Limited).
