Singaporean CDL’s £110m Shoreditch development brought to market

Singaporean investor City Developments has brought its freehold interest in a consented development opportunity in Shoreditch to market. It acquired Development House, located at 56-64 Leonard Street, EC2, from Ethical Property Company for £37.4m in 2016 and secured planning permission for a 73,571 sq ft all-electric office last year. The company has now appointed Savills to bring the £110m development opportunity to market for an undisclosed price. Stephen Hartley, director in the Savills central London investment team, said: “This is a rare opportunity to purchase a prominent freehold site near Liverpool Street station. The location is popular for investors seeking to capitalise on the tenant demand we are seeing for the very best buildings within close proximity to the Elizabeth Line.” The asset is being marketed as an opportunity to deliver an office at a time when the City is experiencing high demand and limited supply. Savills data found take-up last year hit 6.5m sq ft and predicted prime rents will reach as high as £111 per sq ft by 2028. Image from Savills