09/10/2019
Award-winning London developer and asset manager LBS Properties has been granted planning permission by Islington Council for the redevelopment of the Defoe Court building at 44 Featherstone Street EC1, to provide 51,000 sq. ft of prime office space. The project has been launched to the market this month as Script EC1.
Designed by Thirdway Architecture, the development will include the delivery of an additional seventh storey with roof terrace, a complete external and internal refurbishment, provision of cycle storage and new facilities, which will create an exemplar scheme just 150 metres from the iconic Old Street roundabout.
LBS Properties acquired the freehold office building last year from Paris-headquartered Amundi Asset Management. It sits among the area’s thriving tech and media cluster which includes blue chip occupiers as well as fast growing start-ups. In addition to Old Street station just moments away, the building is in close proximity to Moorgate and Liverpool Street stations, with the new Elizabeth Line services due to open soon.
LBS Properties has a proven track record in the area, having recently developed Chapter House, providing over 34,000 sq. ft of accommodation which was almost entirely pre-let prior to launch, as well as the adjoining Verse building which has just launched, providing over 16,000 sq. ft of accommodation.
Nick Crawford, Managing Director of LBS Properties, comments: “The Old Street area continues to thrive as a prime city-fringe office location, with strong tenant demand leading to record rents being set in recent months for the best buildings. The redevelopment of Defoe Court will deliver another high-quality office building with excellent amenities at a time when there is limited new supply coming to market. Our previous Chapter House project just across Old Street roundabout was very well received, and is now 100% let, shortly after it completed.”
Work is due to commence immediately with completion expected in Q3 2020.