A company which owns the main Camden Markets has exchanged contracts to acquire a development in King’s Cross for approximately £36.7m.
Market Tech Holdings Limited exchanged contracts to acquire the freehold of 101 Camley Street, King’s Cross which will be funded by the group’s existing cash resources.
The property, which is located next to King’s Cross Central redevelopment area, has detailed planning consent for a mixed use development of commercial space, 91 private new homes and 30 affordable/shared ownership apartments.
"With 101 Camley Street we are securing an outstanding location further along the Regent's Canal from our Hawley Wharf development, taking us into the King's Cross ‘tech belt’, at a very attractive price,” said Charles Butler, CEO of Market Tech.
“The property enables us to expand our co-working and flexible office operations as well as delivering a strong, long-term rental growth opportunity for the group."
Completion of the acquisition will take place when the existing occupational tenant provides vacant possession of the site, which it has agreed to do with a long stop date of November 2016.
The news follows Market Tech’s announcement that it has been granted planning permission to develop Camden Lock Market.
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