Land For Sale price not specified
Britannia Lofts, Banner Street, London, EC1Y

• A four-storey, mixed-use building with office space on the ground and lower floors (2,120 sq ft NSA), a live/work unit (1,444 sq ft NSA), 18 flats (16,131 sq ft NSA) and car park with capacity for 12 vehicles.

• 17 of the residential units are currently leased on rolling ASTs with a 6 months' notice clause, generating a gross rental income of £488,916 p.a in current condition, with a potential reversion in excess of approximately £554,000 p.a.

• Benefits from two extant planning permissions, one for a two-storey roof extension to provide 6 additional flats and the other to increase the office space to approximately 12,000 sq ft by converting the car park and live/work unit.

• Cove Burgess Architects have completed a feasibility study (2019) which shows redevelopment options for the site, providing additional massing above that of which has been consented.

• Offers are invited for the freehold interest on an unconditional, subject to contract, basis only.

Britannia Lofts is located on the northern side of Banner Street, moments from the district of Old Street and within the London Borough of Islington.

Islington is a vibrant district, one which offers plentiful amenities, retail, leisure and cultural facilities. It is particularly well known for its wealth of pubs, restaurants and bars as well as famous landmarks such as the Barbican Centre and Regent's Canal.

The area around Old Street is recognised as London's tech hub, home to some of the biggest tech companies in the world such as Cisco, Facebook, Google and Microsoft. It also has a high concentration of digital creative companies, and it is often referred to as the 'Silicon Roundabout' or 'Tech City'.

The subject Site is contained within the 'City Fringe Opportunity Area', as identified in the London Plan, meaning it is a key area for redevelopment, with the GLA stating a potential for 15,500 new homes and 50,500 new jobs in the area by 2041.