Resolution Property has made its first acquisition for Fund IV, buying a former department store with the aim of converting it into a £30 mln (€35 mln) mixed-use media hub for East London.
Resolution Property has made its first acquisition for Fund IV, buying a former department store with the aim of converting it into a £30 mln (€35 mln) mixed-use media hub for East London.
Resolution paid a private vendor an undisclosed sum for the 100,000-sq-ft (9,290 m2) property, located close to the City and near the forthcoming Whitechapel Crossrail station.
The early 20th century building was originally built as Wickhams Department store and earned the nickname the 'Harrods of the East'. Current tenants include Tesco and Sports Direct.
Resolution plans to carry out an extensive refurbishment of the property to provide a mix of office, residential, retail and leisure space, aimed at extending East London’s creative and digital quarter.
In a statement, the company said that the project is a continuation of its investment programme within London's ‘creative office’ sector.
'Whitechapel is a logical extension to the Shoreditch tech cluster, as the centre of gravity for London’s digital economy continues to move eastwards and Crossrail becomes a reality,' said Robert Wolstenholme, director of Resolution Property.
Allsop advised Resolution in the purchase, while Kingsbury acted for the vendors.
