Rocket Properties buys site to launch £300m scheme

CGI of the consented scheme at One Fairchild

Rocket Properties has snapped up a site in Shoreditch, east London with plans to develop a scheme with a gross development value of around £300m.

The developer has acquired the currently unoccupied One Fairchild at 201-207 Shoreditch High Street from Highgate Holdings.

The 0.482-acre site received planning consent in 2016 for a mixed-use hotel scheme, but Rocket Properties is looking to achieve new planning consent for a scheme with around 250,000 sq ft of office and other ancillary uses such as ground-floor retail.

The developer is hoping to achieve rents of around £70/sq ft for the office element of the scheme.

Rocket Properties director Andrew Hawkins told Property Week: “The site provides an opportunity to deliver a new build best in class office development that straddles the border of the traditional City and the vibrancy of Shoreditch.

“This building will be desirable for a cross-section of tenants, including those from technology, creative industries, fin tech or more traditional sectors such as legal or financial services.

“Rocket Properties has a successful track record of delivering multiple planning consents from the London Borough of Hackney.”

Marsha Rabinovich, director of Kauffmans, who acted on behalf of the vendor, said: “We are delighted to have managed the sale of our clients Long Leasehold interest in this prime development site, which is situated in a pivotal location in the heart of Shoreditch.

”We are seeing resilient demand from occupiers seeking Grade A accommodation in the area and are excited about the prospect of bringing the site forward.”

Source By Mitchell Labiak | Property Week

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