Canadian investor Oxford Properties and Brockton Capital have established a new joint venture to redevelop the former Royal Mail Sorting Office in London.
Canadian investor Oxford Properties and Brockton Capital have established a new joint venture to redevelop the former Royal Mail Sorting Office in London.
The Post Building will provide 29,800 m2 of office, retail and and affordable housing space. The site, which is bordered by New Oxford St, High Holborn and Museum St, is set to benefit from the opening of Crossrail at Tottenham Court Road in 2017-18.
The 50:50 JV represents the fifth development deal Oxford has undertaken in London since it entered the UK property market. Financial details were not disclosed.
'The Post Building is an excellent complement to Oxford’s existing European portfolio and fits perfectly with our global strategy to develop and acquire prime office and retail assets with a long-term hold strategy in and around major transportation nodes,' commented Paul Brundage, executive vice-president and senior managing director of Oxford Properties Europe.
Nabarro advised Brockton Capital while Ashurst advised Oxford Properties on the transaction. CBRE, Pilcher Hershman and JLL have been appointed to lease the office space, with CBRE and Davis Coffer Lyons appointed for retail and F&B.
