Retirement housing firm, Pegasus Life has bought an existing London office building for £25.7m.
The 93,313 sq ft office space, Ladbroke House, is located in Islington, north London and was sold with a planning application.
The planning application proposes part demolition of the existing 1930s building and redevelopment, incorporating facade retention to Highbury Grove and part of Kelvin Road. This proposal would create a new nine-storey building, consisting of 90 residential units and around 4,000 sq ft of office space.
It was confirmed in plans unveiled at Christ Church Highbury in September 2014 at a public exhibition that this planning application is not linked to a previous application for flats submitted by Ladbroke House (Jersey) Ltd. The new plans did however, state that the building would provide new homes for older people with the provision of ongoing well-being and healthcare facilities on-site.
Specialist developer of retirement housing, Pegasus Housing, is yet to comment on what it plans to do with this new office space.
Ladbroke House is currently let to London Metropolitan University until August 2016, however the university isn’t currently utilising the building.
By: Kirsty MacGregor
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