Real estate investor and developer CLI Dartriver has acquired the Zinc office and retail building at 68-86 Farringdon Road in London’s Farringdon district in a forward deal. The purchase price is £39.75 mln (€47 mln). The seller is hotel developer and operator Whitbread.
The building, designed by renowned architects Sheppard Robson, is currently being developed on the site of a former car park. A 180-room Premier Inn hotel is also currently under construction on the same site.
The Farringdon district is part of the London Borough of Islington and borders the City of London directly to the north. Upon completion, scheduled for early 2023, Zinc will comprise a total net area of 2.600 m² distributed over the first floor and five upper floors.
The building is planned to achieve the “BREEAM Excellent” as well as the EPC rating “A” sustainability certificates.
Roman Klasen, managing director at Conren Land, said: ‘Zinc is an exceptional building that will make its mark on the vibrant Farringdon district. That's why this deal fits so well with Conren Land's strategy for European cities: we acquire buildings which add real value both in terms of architecture and use to the surrounding area.’
Conren Land and CLI Dartriver were advised on the transaction by TT&G Partners, while Whitbread was advised by Frame Real Estate Partners and Capital Real Estate Partners.
