A massive £370million development providing a luxury complex of 356 homes alongside shops, cafés, restaurants, offices, a health club and a cinema is a step closer to being built.
Work may soon start on the Islington Square project, after Sager Group secured the last parcel of Royal Mail’s land – the former North London Sorting Centre off Almeida Street.
Sager bought the North London Mail Centre for £30m in 2003 and now has 500,000 sq ft to work with as the sorting office is set to move to Eagle Wharf Road.
As well as a substantial amount of green space, the developer has promised to supply 94 affordable homes – just over 26 per cent of apartments at the complex – which was granted planning permission in November.
Giris Rabinovitch, managing director for Sager, 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.
“It has been more than a decade since acquiring the original site and we are delighted we have succeeded in bringing this project to life.
“We’re going to be providing a massive amount of green space in an area that doesn’t have much, as well as opening up a part of Islington that hasn’t been available for a century,” he said.
Planning permission for both the land bought in 2003 and the newly purchased area has already been granted by Islington Council, subject to conditions.
“This is a very exciting development and an opportunity for more people to live in Islington,” says Alina Banionyte, lettings manager at the Islington branch of lettings agent Edmund Cude. “The development will also offer many more amenities for people who are currently living here as well as bringing more green space into the area.”