Developer buys six-storey office block and redevelopment opportunity in joint venture

Great Portland Estates is planning a major overhaul of an Old Street office block in London.

The developer has bought the six-storey building at 148 Old Street through joint venture the Great Ropemaker Partnersip with BP Pension Fund for 拢30m.

Great Portland Estates said the building 鈥� currently occupied by the Royal Mail 鈥� presented an 鈥渆xciting opportunity for refurbishment or redevelopment from 2015鈥�.

The Old Street area has been dubbed 鈥淪ilicon Roundabout鈥� and is at the heart of London鈥檚 expanding hi-tech industry.

Toby Courtauld, GPE Chief Executive said 鈥淭his is a well-located site providing opportunities to create significant value over the medium to longer term in this rapidly changing part of central London.鈥�

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