Market Tech, the holding company that owns 15 acres of quite famous London real estate including Camden Markets, has exchanged contracts on a freehold site in King’s Cross for £36.7m (including £1.7m in stamp duty)with a plan to create a mixed-use scheme with 121 new homes.
The acquisition of 101 Camley Street, designed by KSR Architects, in the London Borough of Camden has been funded by the company’s existing cash reserves. The site has detailed planning consent for a mixed use development including 22,650 square feet (GIA) of commercial space, along with 91 private new homes and 30 affordable/shared ownership apartments.
101 Camley Street occupies “a significant location” with frontages onto Camley Street, Granary Street and the Regent’s Canal. Completion of the acquisition is intended to take place when the existing occupational tenant provides vacant possession of the site, which it has agreed to do with a long stop date of 1st November 2016.
Market Tech won consent to pimp Camden Markets earlier this month; its Stuart Piercy-designed plans for the 130,000 square foot market space were roundly supported by Historic England and planners, and include new enlarged indoor and outdoor market retail facilities, cafes and restaurants, galleries and canal-side food hall, as well as new workspace and an auditorium for live entertainment. The proposal also includes permission for 233 food and artisan stalls in the East and West Yards.
Market Tech CEO, Charles Butler: “With 101 Camley Street we are securing an outstanding location further along the Regent’s Canal from our Hawley Wharf development, taking us into the King’s Cross “tech belt”, at a very attractive price. The property enables us to expand our co-working and flexible office operations as well as delivering a strong, long term rental growth opportunity for the Group.”