Derwent London agrees terms for acquisition of City Road Island
Updated : 14:46
Derwent London said on Tuesday that it has been selected by the Moorfields Eye Hospital NHS Foundation Trust and UCL as their preferred bidder for the acquisition of the freehold of City Road Island, 162 City Road and 11-43 Bath Street EC1.
Heads of terms have been agreed for the estate, which Derwent said forms an important strategic 2.5 acre site located in the heart of the Tech Belt.
The company intends to submit a planning application next year for its redevelopment, with the acquisition expected to complete in the second half of 2026 upon the delivery of the 'Oriel' joint initiative for a new eye care, research and education centre in Camden.
Chief executive Paul Williams said: "We are delighted to be acquiring this well located major regeneration opportunity close to our existing holdings in Islington. We are pleased to be part of the process whereby the Oriel partners can fulfil their ambition to build a new eye care, research and education centre."