INDUSTRY NEWS

Dev Sec sells mixed-used London office building in Camden for £6.54m

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Development Securities has sold a major London office led mixed use development in Camden for a reported £6.54m.

A joint venture between Marlinspike and CP Plus Holdings has snapped up Bruges Place from the real estate and developer.

The 16, 000 sq ft London office building also offers 21 flats. Development Securities actually only acquired the property in February of this year as part of a five property portfolio across north London it acquired for £17.5m.

Development Securities director, Matthew Weiner, said: “The early sale of Bruges Place, one of the office buildings within the portfolio of projects that we acquired three months ago, will allow us to recycle capital into further development opportunities where we can create value.

“The remaining assets within the portfolio offer good opportunities for residential-led redevelopment and all benefit from strong locations, close to major transport hubs in underground zones 1 and 2 of North London.”

Marlinspike director, Gary Leigh, added: “We are delighted to have established yet another new joint venture, whist the property provides an exciting opportunity to convert outdated office space into high quality yet competitively priced residential accommodation via the Permitted Development mechanism.”

Development Securities is a leading UK real estate developer and investor and has been involved in a number of deals this year including the recent acquisition of Cathedral Holding, a mixed-used regeneration developer for somewhere in the region of £21m.

By: Kirsty MacGregor

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