We have made further progress with our alternative use strategy for offices, securing value accretive residential permitted development rights across the entire office asset at Angel Gate, London EC1.
Background
As reported earlier this year, we obtained residential consent via permitted development rights on 30,000 sq ft of vacant office space.
This was made possible during a period when the Article 4 restrictions had lapsed, however from September 2023 any further conversion of office space to residential was restricted by an updated Article 4 Direction.
Over the course of this year, we engaged directly with both the local and national planning authorities. As a result of this proactive approach, the Article 4 Direction has now been modified to remove the entire 1.7 acre site from this restriction, unlocking a further 34,000 sq ft of space for residential conversion.
We have now retained CBRE to undertake a review of strategic options for the asset.
"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.
Michael Morris Chief Executive
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 1 location."