Acquired

Prime Freehold Development Opportunity, Hackney Central, London E9

55 Morning Lane, London E9

Undisclosed

Property Types:
Commercial, Development Opportunity, Mixed, Residential
Sub Types:
Office, Retail
Tenure:
Freehold

Description

The Freehold interest of the 3.5 acre site at Morning Lane was acquired from Tesco Plc. The Borough simultaneously entered into an option agreement with the developer of the Fashion Hub, Hackney Walk.

 The 3.5 acre site, located in the heart of Hackney Central, will form the centre piece of the Hackney Walk Fashion Hub project which could see a 1,000,000 sq ft fashion inspired neighbourhood of retail, offices, leisure and apartments developed over the next 10 years. 

 The structure of the deal will ensure Tesco remain on the site for the long term in a newly developed, but smaller store. The remainder of the site could see the development of 270,000 sq ft of retail and commercial space which will aim to create over 1,500 new jobs and 245,000 sq ft of new homes including a minimum of at least 20% affordable homes onsite.