HB Reavis has sold its innovative 20 Farringdon Street development to a private investor. Within the same period, the developer has also acquired a prime development site in Shoreditch to further its development pipeline and commitment to the UK market. The purchase price for either property was not disclosed.
The Quick & Tower House comprises c.135,000ft² commercial redevelopment opportunity. Located on the prominent corner location of Worship Street and Clifton Street, the scheme will be accessed via a new public square within walking distance of Shoreditch High Street, Old Street and Liverpool Street stations. Construction works are earmarked to commence in early 2021 with HB Reavis having aspirations to create a vibrant workspace appealing to companies wanting to immerse themselves in Shoreditch’s creative neighbourhood. HB Reavis will approach the project with a clear focus on sustainability, wellbeing and adoption of innovative workspace technology.
Since its completion in 2018, 20 Farringdon Street has been fully-leased by HB Reavis and is home to a thriving business community including HB Reavis’ own co-work concept HubHub, as well as The Berkeley Partnership and TMF Group. HB Reavis’ applied its unique and proven approach to creating diverse workspace offerings to suit all business types: from co-work spaces for start-ups, plug and play space through to traditional leases for larger corporates. The high-quality designed project realises its value through the sale to a private investor in the first transaction of this scale to complete post-lockdown period, demonstrating the appeal of the project’s innovative approach to leasing and the continued demand for such London assets.