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Laser House, a former printing works and gin distillery situated at 132-140 Goswell Road in the heart of Clerkenwell, is due to be redeveloped by General Projects, in partnership with Northern and Midland Holdings, who purchased the buildings in 1991.
The building comprises a basement and 3 other floors totalling 40,550 sq ft, let to multiple tenants at an average rent of £24.61 per sq ft. Colliers International is letting the 4,780 sq ft available on the 1st floor – which offers a short-term lease with mutual redevelopment break clause in June 2017 – at a heavily discounted rent of £27.50 per sq ft. The lower ground floor is also available on the same terms for £15 per sq ft.
Eugene O’Sullivan, Director and Surveyor at Morgan Pryce, says; “I suspect a deal could be struck well under asking due to its very short-term nature”.
The General Projects scheme will fully refurbish and extend the current buildings to provide 78,000 sq ft of office space, a restaurant, some retail space and a new Art House Gallery. The aim is to start work by the end of the year, with completion by 2019 – assuming Islington Council grant the planning permission.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.