Sager Group, a London-based developer co-founded by the UAE’s Sheikh Sagir Bin Mohammed Bin Sagir Al Qassimi, has unveiled plans to transform London’s Royal Mail headquarters in Islington into a new, £400 million (Dh2.21 billion) mixed-use project known as Islington Square.
The 500,000 square foot site will be opened up with a new public boulevard created. The redeveloped space will be made up of four buildings containing serviced apartments, retail, leisure and residential space. One of the buildings, 8 Esther Anne Place, involves the restoration of an Edwardian building and 17 Esther Anne Place will see the Edwardian Facade retained, but a new basement and upper floors added. A new build scheme will be put in place at 11 Esther Anne Place and the former Mitre Public House is being converted into apartments.
In total, the scheme, which is being developed alongside Cain Hoy, will contain 263 private and affordable homes. These will be one-, two- and three-bed properties ranging in price from £715,000 and to £1.79m.
Sager Group bought Royal Mail’s former North London Sorting Centre site in 2003 for about £30m but has since been piecing together other assets in order to assemble the site.
One of the final pieces of the jigsaw was put in place last year with the purchase of a site at Eagle Wharf Road, which has become Royal Mail’s new sorting centre.
Royal Mail had been operating at the site in Islington since 1904, but vacated it in September to allow for its redevelopment to begin. The project is understood to be the biggest conversion of an Edwardian Warehouse since the creation of Harrods Village at Barnes in North East London in the 1990s.
Giris Rabinovitch, the chief executive of Sager Group, said: “Islington Square is a once-in-a-lifetime opportunity to create a new destination for London. It sits in the heart of Islington, which is steeped in history and culture.
“The team at Sager Group and our partners are extremely excited about bringing this scheme forward. The 500,000 square foot site will be opened up to the public for the first time, with the new and existing buildings centred around a public boulevard; it will be a place for Londoners to live, work and play.”
The scheme, which was granted planning permission in 2007 and 2012, will contain one-, two- and three-bed apartments which start in price from £715,000 and go up to £1.79m.
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