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GBP145m of residential property sold at Islington Square


Sager Group in association with Cain Hoy, has sold almost GBP145 million worth of residential property at Islington Square, its flagship mixed use development in London.

Of the GBP145 million sales to date, GBP93 million relates to the selling of private homes and the social housing element of the project, with the remaining GBP52 million relating to the serviced apartment scheme within the development.
Islington Square is the transformation of the former North London Mail Centre, when complete it will provide 263 new homes, 108 serviced apartments and 170,000 sq ft of retail and leisure facilities, creating a 4.5 acre Covent Garden style destination for North London.
Of the 263 new homes, the future of 164 is now confirmed. The 164 homes – a mixture of private and affordable property – are now either successfully sold, or await tenant allocation through Family Mosaic, the chosen affordable housing provider within the project. The majority of the 164 homes will owned by UK residents, using Islington Square as their main home. 
Giris Rabinovitch, CEO of Sager Group, says: “We are pleased to reveal that we have sold some GBP145 million worth of property at Islington Square. The future of over 60 per cent of the homes at the scheme are now secured, with the residents scheduled to move into Islington Square in late 2017.”
“We have been selling the private sale homes for around GBP1,480 per sq ft, which are highly competitive prices, compared to the GBP2,500 to GBP5,000 per sq ft. prices that equivalent homes cost in London’s West End and prime West London. The quality of our product, the facilities on offer, and the competitive pricing is why we continue to have a healthy sales rate.”
Designed by award winning architect Piers Gough of CZWG Architects, Islington Square combines restored Edwardian buildings and new build elements, off a new central public boulevard. There are four buildings that make up the new development, the principal Edwardian building that was once the main sorting office is 8 Esther Anne Place. 11 Esther Anne Place is an entirely new build scheme.17 Esther Anne Place has a retained Edwardian facade and new basement and upper floors and finally, there are two residential units on the site of the former Mitre Public House. 
The grand Edwardian sorting office and related buildings that made up the former North London Mail Centre, were originally built in 1904-1906 and designed by architect Jasper Wager.
In addition to providing new residential units, a key component to the scheme is its retail element.  There will be 170,000 sq ft of retail and leisure facilities including shops, cafes, restaurants, and luxury lifestyle brands. Announced earlier this year, are three key anchor tenants including The Lounge Odeon cinema, Third Space health club and Citadines apart-hotel. Retail space at Islington Square has also witnessed high-demand, with approximately 50 per cent of space either under offer or exchanged.
Islington Square is located in the heart of Islington and is just a ten-minute walk from both Angel station (Northern Line) and Highbury and Islington Station (London overground and Victoria Line) along with access to an extensive network of buses from Upper Street. Excellent transport links enable residents to be in the City in approximately ten minutes and the West End in twenty minutes.    
For those wanting to travel further afield, Islington Square is not far from Kings Cross International Station providing easy access to continental European destinations, and London’s airports.

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