Market Tech buys King's Cross development site

17th Feb 2016 14:59

(ShareCast News) - Market Tech's growing portfolio of London real estate was set to expand on Wednesday, with the Camden Markets-owner acquiring the freehold of 101 Camley Street in the King's Cross area of the capital.The AIM-traded holding company, combining around 15 acres of London real estate assets including the popular markets, said the deal was worth a total cash consideration of £36.7m including stamp duty of £1.7m.It was to be funded from the existing cash resources of the firm."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," said Market Tech CEO Charles Butler."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," he added.The property was located in the London Borough of Camden, the company's board confirmed, adjacent to the King's Cross Central redevelopment area.It had detailed planning consent for a mixed-use retail development including 22,650 square feet of flexible commercial space, 91 private homes and 30 affordable apartments.Market Tech said the site lay on a significant location, fronting Camley Street, Granary Street and the Regent's Canal.Completion of the acquisition was due to take place when the existing occupational tenant provided vacant possession of the site, which it had agreed to with a long stop date of 1 November.