Market Tech Holdings Limited Acquisition of strategic real estate asset
Market Tech Holdings Limited, the holding company that combines approximately 15 acres of iconic London real estate assets, including the main Camden Markets, with digital capabilities to deliver a living, working, retail and leisure space, is pleased to announce that it has exchanged contracts to acquire the freehold of 101 Camley Street, King's Cross for a total cash consideration of circa £36.7 million including stamp duty of circa £1.7 million, to be funded from the existing cash resources of the Group.
The property is located in the London Borough of Camden adjacent to the rapidly changing King's Cross Central redevelopment area. The site has detailed planning consent for a mixed use development including 22,650 sq ft gross internal area of flexible commercial space, along with 91 private new homes and 30 affordable/shared ownership apartments. The site occupies a significant location with frontages onto Camley Street, Granary Street and the Regent's Canal. Completion of the acquisition is intended to take place when the existing occupational tenant provides vacant possession of the site, which it has agreed to do with a long stop date of 1 November 2016.
Commenting on the acquisition, Market Tech CEO, Charles Butler, said:
"With 101 Camley Street we are securing an outstanding location further along the Regent's Canal from our Hawley Wharf development, taking us into the King's Cross "tech belt", at a very attractive price. The property enables us to expand our co-working and flexible office operations as well as delivering a strong, long term rental growth opportunity for the Group."