Derwent to acquire London’s Moorfields site for multi-use campus
Derwent London has announced that it has exchanged a conditional contract to acquire the freehold of City Road Island EC1, the site of the Moorfields Eye Hospital and the UCL Institute of Ophthalmology.
The site is being sold by Moorfields Eye Hospital NHS Foundation Trust and UCL, together the Oriel joint initiative, for £239M before costs. This is subject to receipt of final Treasury approval, which is expected later this year.
Derwent London has appointed architects AHMM to help deliver a major 70,000m2 mixed-use campus with a generous public realm and strong environmental credentials.
Paul Williams, Chief Executive of Derwent London, said:“We are delighted to have secured such an important central London regeneration opportunity in the heart of the Tech Belt, where we aim to deliver the next generation of distinctive ‘long-life, loose-fit, low carbon’ commercial space.”
Martin Kuper, Chief Executive of Moorfields Eye Hospital NHS Foundation Trust said: “This is an important step forward for our plans for a new eye care, research and education centre. The sale of our City Road Island, which is conditional on Treasury approval, is a key element of our funding strategy.
“All proceeds will be reinvested in the new centre to secure the long-term future of world-leading eye care, research and education in a way that represents value for money and benefits our patients. We will continue to maintain our strong links with Islington Council as plans for City Road Island progress.”