Out-Law News | 22 May 2014 | 4:01 pm |
Under the agreement Royal Mail will relocate its Islington delivery office at Almeida Street and Upper Street to free up that land for the Islington Square scheme.
The 500,000 square feet mixed use development at the site of the former North London Mail Centre will include 356 homes, office space, leisure and retail units, a theatre rehearsal space and an internal garden.
The acquisition of land for the project has been ongoing for over a decade. Sager secured the Edwardian sorting office itself in 2003.
"This transaction marks a major milestone in the development of Islington Square which will become a major retail and leisure destination and a welcome addition to this thriving area of London," said Sager Group managing director Giris Rabinovitch according to the Estates Gazette.
"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."
