August 1 2014 Latest news:
by Rory Brigstock-Barron
Wednesday, June 4, 2014
A massive £370million development providing nearly 43,000 square feet of green space across rooftops in the heart of Islington is a step closer to being built.
Work may soon start on the Islington Square project, a luxury complex of 356 homes alongside shops, cafés, restaurants, offices, a health club and a cinema, after Sager Group secured the last parcel of Royal Mail’s land – the former North London Sorting Centre off Almeida Street.
Sager bought the North London Mail Centre for £30m in 2003 and now has 500,000 sq ft to work with as the sorting office is set to move to Eagle Wharf Road.
As well as the substantial amount of green space, the developer has promised to supply 94 affordable homes – just over 26 per cent of apartments at the complex – which was granted planning permission in November.
Giris Rabinovitch, managing director for Sager, said: “This transaction marks a major milestone in the development of Islington Square, which will become a landmark retail and leisure destination and a welcome addition to this thriving area.
“It has been more than a decade since acquiring the original site and we are delighted we have succeeded in bringing this project to life.”
The land, which is situated just to the west of Upper Street, had been occupied by the Royal Mail since 1904, prior to being purchased by Sager.
Mr Rabinovitch said he was excited about opening the area up to the public for the first time in over a hundred years.
“We’re going to be providing a massive amount of green space in an area that doesn’t have much, as well as opening up a part of Islington that hasn’t been available for a century,” he said.
“People will also see that we don’t build down on our affordable housing, all of the units are the same quality as the private rented flats – although they might have a slightly different kitchen.”
Planning permission for both the land bought in 2003 and the newly purchased area has already been granted by Islington Council, subject to conditions.