LBS to develop office scheme in Angel

LBS Properties has acquired a north London development site on which it plans to build a 36,000 sq ft office scheme.

The London developer has bought 65-70 White Lion Street at Angel, Islington, for £12.6m and secured a £27m debt facility from Cheyne Capital to fund the development of the site. Planning permission is already in place.

“This is an exciting opportunity to deliver an outstanding building at the centre of the Angel submarket,” said Nick Crawford, managing director at LBS Properties.

“We are delighted to have simultaneously closed the development funding with Cheyne, which shares our vision for the scheme. We expect to begin construction this year and complete in 2019.”

Angel has emerged as a popular office submarket in the City Fringe, especially with the tech and creative community.

“The quality of location, target market, specification and sponsor provides a great deal of comfort in funding this sort of development,” said Cheyne loan originator Arron Taggart.

Knight Frank Finance advised LBS. Savills and Colliers acted for the vendor.

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