London’s Evening Standard is reporting that NAMA is selling a partly complete 27-storey mixed used development in Hackney, east London that was formerly part of John McCabe’s empire. The property is at 159 City Road, London EC1 V 1JH (pictured here on McCabe UK’s website and here at Skyscraper News which carries the planning and development history of the site together with present-day photographs).
The development which the Evening Standard says is in Hoxton – I would have said just north of Moorgate just beyond the City ofLondon - is a 27-storey tower containing 300 flats, a supermarket, gym, shops and offices. McCabe say on their website that the development is worth GBP 58m (€65m).
McCabe Builders is most associated with John McCabe of Anglo Golden Circle repute and has an extensive range of developments in Ireland and the UK including the Abington Estate in Malahide, north Dublin (former home to Anglo’s David Drumm and Boyzone’s Ronan Keating), the Marriott Hotel in Ashbourne and the Heritage Centre in the PhoenixPark. Two weeks ago on here, it was exclusively reported on here that a McCabe site onArlington Street, St James’s,London was being sold for GBP 20m (€23m).
According to the Evening Standard the property is being sold by Cushman and Wakefield. There is no evidence of the property on C&W’s website and at time of writing, C&W had not responded to a query from here. The property is not apparently listed on the NAMA enforcement list of property published last month – I am advised that the next issue of the enforcement list is likely to be published in the next week to 10 days.
UPDATE: 28th March, 2012. Property Week is now reporting that Barratt Developments has placed the above property under offer and is now in “exlusive talks” with NAMA and McCabe. The British property magazine also says that a client of a US investment fund has also been pursuing the development property.
UPDATE: 6th July, 2012. Property Week today reports that the above property has now been sold to residential developer Mount Anvil for GBP 51m (€65m).