CLI-Dartriver, the new company set up last March by Dartriver London and German firms Conren Land and Indigo Invest, has completed the acquisition of two development sites in the City of London which are set to deliver more than 100,000 sq ft (9,300 m2) of new space.
CLI-Dartriver has acquired a freehold development opportunity at 63 Coleman Street and 35-39 Moorgate for an undisclosed amount. The site in the heart of the City of London currently comprises three vacant buildings with frontages to Coleman Street and Moorgate.
Although planning consent exists for 39,138 sq ft of new-build office and retail space, CLI-Dartriver intends to submit a revised planning application with a view to starting works this year and scheduling completion for 2023.
In December of last year, the business also completed the acquisition of a new 160-year headlease on Liberty Place at Norton Folgate. The site has planning consent for a 62,685 sq ft Grade A, nine-storey office and retail development at the intersection of the City core and Spitalfields. Following submission of a revised planning application, the scheme is expected to start on site this year with delivery in early 2023.
‘These two acquisitions continue our strategy of investing into value accretive, Grade A opportunities in core locations across London. Taking into account future capital expenditure, they bring our investment commitments to in excess of £170 mln, and we are planning further activity,’ said Neil Thompson, director of CLI-Dartriver. ‘We’re excited about the prospect of expanding our investment activities as the market opens up later this year. In anticipation of this, we will be growing our team with new hires to provide the additional expertise that our expanding investment and development programme will require.’
