Amsprop Estates Ltd, the property company owned by Lord Alan Sugar and run by son Daniel, have acquired three properties close to Silicon Roundabout.
The three freeholds were snapped up by Lord Sugar’s property arm earlier this month, with uncertainty over whether the properties will be renovated or redeveloped.At a total cost in the region of £20m for the trio of buildings, Sugar Jnr. believed that Amsprop have secured “prominent, good quality freehold” in an increasingly popular submarket.
With the planned arrival of Crossrail in the next five years, the property investment group believe the area will witness a sharp increase in demand from a wide range of occupiers. The City Fringe has continued to benefit from market resurgence in the last 18 months, with areas like Shoreditch, Aldgate and Whitechapel all seeing rising demand for space.
Amsprop believe that the properties secured around Silicon Roundabout represent fantastic value when likened to comparable space in the City core. A number of significant projects are currently under development around the Old Street area, notably the White Collar Factory site. Offering 226,000 sq. ft of prime location office space, the vast venture is expected to be completed in summer 2016.
With huge redevelopment underway near King’s Cross, Amsprop’s most recent purchases are ideally positioned between Old Street and Angel, readily accessible to the new influx of eager occupiers. Shoreditch Office Space predicts this won’t be the last we hear of big money purchases around Silicon Roundabout before the end of 2013…
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