3rd Dec 2015 07:49
LONDON (Alliance News) - U and I Group PLC said Thursday it has secured planning permission for a mixed-use redevelopment of an office block adjacent to Ilford station, East London, and has agreed the bulk sale of 122 residential units with property investment company IP Global Ltd.
U And I will add four storeys to the office block, called Valentine's House, to create the 122 residential units and will add 16,000 square foot of ground floor retail space.
The company has secured GBP30.7 million of construction debt through Quadrant Real Estate Advisors for the redevelopment of the building. It expects to begin redevelopment in the first quarter of 2016, and for work to be completed in the fourth quarter of 2017, in time for the opening of Crossrail at Ilford station.
"The redevelopment of Valentine's House will transform a run-down, vacant office block into a fully refurbished residential and commercial building for Ilford," said Chief Executive Matthew Weiner in a statement.
"This project further underlines our expertise in regenerating undervalued land and assets in an equity light manner to realise gains and create maximum value for shareholders," Weiner added.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
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