Leading residential developer HUB has acquired Finsgate House situated next to Old Street roundabout, in partnership with global investment firm H.I.G. Capital, in their first project together. The prominent island site was purchased for £31m, and the parties plan to redevelop it into a mixed use scheme.
Plans for the redevelopment of the site are intended to deliver new professionally-managed and sustainable homes and offices, including affordable office space, alongside improved public realm. The development team will now work with the local community to understand its needs and priorities, and how these can be addressed within the scheme.
The redevelopment will add a new, high-quality asset to the area in place of the three existing office buildings, which are no longer fit-for-purpose in terms of building performance and design. The development team is taking a responsible approach to carbon minimisation, including the prioritisation of material re-use and ensuring the proposed scheme is energy efficient in operation.
The site is situated in a strategic location within one of London’s most dynamic and fast-growing boroughs in the heart of the East London Tech City cluster. It is located adjacent to the Old Street ‘Silicon’ roundabout and station, offering excellent connectivity and convenience for future residents and businesses.
The redevelopment of the site will add to HUB’s growing pipeline of over 7,000 homes completed or under development across the UK, with over 1,000 of those homes due to be completed by the end of summer 2024.
Robert Sloss, CEO of HUB, said: “This is HUB’s first scheme in Hackney and our first deal with H.I.G.. This transaction continues our thematic strategy of targeting stranded commercial assets that require repositioning. Our intention is to deliver a best-in-class next generation scheme that is fit for the innovative neighbourhood it will be part of. Equally, and as with all HUB projects, we will strive to create buildings that engage with the community and add value to the Borough and its residents.”
Stelios Theodosiou, Managing Director at H.I.G. Realty commented: “The London residential market continues to benefit from strong fundamentals, and we believe this opportunity is the first of several across a number of specific locations in London. This transaction demonstrates our ability to identify positive trends and prime sites, this seed asset sitting at the heart of London’s Technology & Innovation Belt.”
Allsop and Knight Frank were brought in to act for HUB and HIG on the acquisition.
