New Islington Square community takes shape as £145m of residential property sold

Sager Group, in association with Cain Hoy, has sold almost £145m worth of residential property at Islington Square, facilitating the creation of a new community at the mixed use development.

Of the £145m sales to date, £93m counts for the selling of private homes and the social housing aspect of the project, with the remaining £52m relating to the serviced apartment scheme within the development.

Islington Square, which is the transformation of the former North London Mail Centre, 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, 164 are now either 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, commented: “We are pleased to reveal that we have sold some £145 million worth of property at Islington Square. The future of over 60% 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 £1,480 per sq ft, which are highly competitive prices, compared to the £2,500 to £5,000 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 architect Piers Gough of CZWG Architects, Islington Square combines restored Edwardian buildings and new build elements, off of 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 a new basement and upper floors and finally, there are two residential units on the site of the former Mitre Public House.

In addition to providing new residential units, there will be 170,000 sq ft of retail and leisure facilities including shops, cafes, restaurants, and luxury lifestyle brands. Announced earlier this year, three key anchor tenants will include The Lounge Odeon cinema, Third Space health club and Citadines apart-hotel.

Approximately 50% of retail space at Islington Square is either under offer or exchanged.

Islington Square is located in the centre 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.