June 12, 2006
Nick Capstick-Dale’s UK Real Estate, advised by DE & J Levy, has acquired The Lighthouse at the junction of Grays Inn Road and Pentonville Road, a key redevelopment site in King’s Cross, London from P&O Developments for £3.9 Million.
The purchase of the 27,500 sq ft (2,555 sq m) development site further consolidates Capstick-Dale’s holdings in the King’s Cross area, where work on his £14 million Courtyard Theatre scheme in nearby York Way will start in August.
The Lighthouse site has planning permission (subject to a section 106 agreement) for approximately 11,000 sq ft (1,021 sq m) of retail and restaurant accommodation at ground floor and basement levels with an additional 16,500 sq ft (1,532 sq m) of offices on the three upper floors. This in addition to further retail and residential units planned by UK Real Estate on the site. Work on the £16 million scheme is expected to begin in January 2007.
Nick Capstick-Dale of UK Real Estate says: “The Lighthouse occupies a landmark position in the King’s Cross area, one of the most important regeneration projects in central London, and will provide first-class accommodation in a highly visible and accessible location. It is probably the highest profile island site in King’s Cross”.
DE & J Levy’s Roger Sharpley adds: “The ongoing renaissance of King’s Cross has led to a substantial increase in demand for restaurant, retail and leisure accommodation and these two schemes will provide high-quality, prominent accommodation.”
The nearby Courtyard Theatre site in York Way has planning for a mixed use development that will include eleven residential apartments, a rooftop bar, a 7,000 sq ft (650 sq m) ground floor restaurant/bar and a 220 seat theatre/cinema development, which will provide London with its first newly built theatre for several years.
DE & J Levy has been retained as letting agent on both schemes.
For further information please contact Porterfield Public Relations, the commercial property public relations specialist.
+44 (0)20 7647 4420