Slaughter and May is advising Derwent London in relation to the acquisition of City Road Island EC1, the site of the Moorfields Eye Hospital and the UCL Institute of Ophthalmology.
Derwent London has exchanged a conditional contract to acquire the freehold of City Road Island for a base consideration of £239 million. The sale is subject to receipt of final Treasury approval, which is expected in H2 2022. Completion is also conditional on delivery by Moorfields Eye Hospital NHS Foundation Trust and UCL of the new eye hospital at St Pancras and subsequent vacant possession of City Road Island which is anticipated in early 2027.
Derwent London have regeneration plans for this important 2.5 acre site, located in the heart of the Tech Belt where the Group has substantial holdings. Derwent London’s early appraisals show the site has potential to deliver a major 750,000+ sq. ft. campus with generous public realm and strong environmental credentials.
Paul Williams, Chief Executive of Derwent London, said:
“We are delighted to have secured such an important central London regeneration opportunity in the heart of the Tech Belt, where we aim to deliver the next generation of distinctive ‘long-life, loose-fit, low carbon’ commercial space.”