Derwent London, one of Central London’s leading developers/investors has secured detailed planning consent to redevelop its significant City Road site on the Old Street roundabout.
The Secretary of State for Communities and Local Government has granted planning permission for a mixed use scheme comprising a 39 storey residential tower, with approval granted for 250 apartments, as well as a new office building. The total gross area of the approved development is 38,126 sqm. Planning consent was refused in August 2007 by Islington Council and Derwent London appealed that decision. Situated adjacent to the Old Street roundabout, the current buildings that are the subject of the planning appeal comprise approximately 16,500 sqm and date back to the 1950s and 1960s.
The existing buildings are currently income producing and Derwent London will monitor current market conditions to determine when the approval will be implemented.
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