Savills : Speculative development site fetches £12.6m in City Fringe, London N1

On behalf of Noble House Properties, international real estate advisor Savills has sold the freehold interest of a cleared development site at 65-70 White Lion Street, London N1 to LBS Properties for £12.6 million (£342 per sq ft).

Located within walking distance of Angel, Old Street and Kings Cross St Pancras Station, the site boasts full planning consent for the construction of a 36,760 sq ft (3,415 sq m) office building arranged over lower ground, ground and four upper floors. Having secured funding for the development from Cheyne Capital, LBS intends to speculatively develop the building which will be available to lease on the open market.

Jamie Binstock, associate director in the Central London team at Savills, says: 'The sale of this speculative office development in the popular northern City fringe began in challenging market conditions, immediately post the EU Referendum. Its completion, and the achieved pricing, reflects the highly desirable nature of the scheme, which we expect will prove attractive to a broad tenant base, and moreover demonstrates long term confidence in London's occupational market.'

LBS Properties was unrepresented.