Sager Group has cleared the way to add an historic mail sorting centre into its major retail-led development scheme in the London borough of Islington.
Sager Group has cleared the way to add an historic mail sorting centre into its major retail-led development scheme in the London borough of Islington.
London-based Sager completed its transaction with Royal Mail to relocate their Islington delivery office to Eagle Wharf Road and absorb the remaining buildings of the Former North London Sorting Centre into Sager’s Islington Square scheme.
The 46,000 m2 development project has an estimated gross development value of £370 mln (€457 mln). Islington Square will incorporate almost 16,000 m2 of retail and leisure space along with 356 residential units. These will be a mixture of private, affordable and serviced apartments.
Sager’s construction programme is expected to take 24 months, enabling retailers to open for Christmas 2016.
Giris Rabinovitch, CEO of Sager Group, said: 'This transaction marks a major milestone in the development of Islington Square which will become a landmark retail and leisure destination and a welcome addition to this thriving area of London. It has been more than a decade since acquiring the original site and we are delighted that we have succeeded in bringing this project to life.'
Letting agents for retail and leisure are Cushman & Wakefield, Orme Retail and Shelly Sandzer. Savills, Fraser and Co and Beauchamp Estates are instructed on the residential side.
Justin Taylor, head of EMEA retail at Cushman & Wakefield, said: 'We are looking forward to creating a unique and eclectic tenant line-up which is in keeping with the creative and affluent nature of Upper Street. Specifically, we will secure a thriving and complementary mix of fashion brands and restaurants and balance established tenants with exciting independents.'
Royal Mail was represented by BNP Paribas Real Estate and Ashurst solicitors. Sager was represented by solicitors Blick & Co and Lewis Silkin.
