March 27, 2015
Lumina Real Estate Capital has sold Ladbroke House in Islington, North London to Pegasus Life for £25.7 million.
The 93,313 sq ft building is currently let to London Metropolitan University until August 2016 and was sold with a planning application awaiting determination.
The scheme that was submitted for planning allowed for the retention of the existing 1930s façade to Highbury Grove and part of Kelvin Road and would create a new seven-nine storey building, providing 90 residential units alongside circa 4,000 sq ft of office space.
Mark Potts of Lumina Real Estate Capital said: “Although our original intention was to see this project through to a successful completion of the planning and redevelopment process, we received an unsolicited offer which cemented returns in excess of our targets.”
Lumina Real Estate Capital was unrepresented. Hamptons International and Chapman Petrie advised Pegasus.
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