London developer LBS Properties has secured a freehold office development site in Angel, Islington N1 for £12.6m whilst simultaneously securing funding from Cheyne Capital for the delivery of a new 36,000 sq ft office scheme.
Located at 65-70 White Lion Street, a three-minute walk from both the popular Upper Street and Angel underground station, the cleared freehold development site spans 0.29 acres and has planning permission for a high quality new development arranged over six floors.
Nick Crawford, managing director, said: “This represents an exciting opportunity to deliver an outstanding new office building, located right at the centre of the Angel submarket.
“We are delighted to have simultaneously closed the development funding with Cheyne, who share our vision for the scheme – we expect to begin construction this year and complete the building in 2019.
“We are confident the high-quality design, extensive outside spaces and excellent sustainability credentials will make this an attractive option for a wide variety of tenants.”
Angel is one of most popular areas in the wider City Fringe market, with a wide array of amenities and excellent transport connections from Angel underground station, providing fast access to Kings Cross, the City and West End.
A number of new mixed use developments have emerged across N1 in the past few years, adding to the retail offering and cementing Angel as a key submarket for TMT and other sectors.