Developer buys six-storey office block and redevelopment opportunity in joint venture

Great Portland Estates is planning a major overhaul of an Old Street office block in London.

The developer has bought the six-storey building at 148 Old Street through joint venture the Great Ropemaker Partnersip with BP Pension Fund for £30m.

Great Portland Estates said the building – currently occupied by the Royal Mail – presented an “exciting opportunity for refurbishment or redevelopment from 2015”.

The Old Street area has been dubbed “Silicon Roundabout” and is at the heart of London’s expanding hi-tech industry.

Toby Courtauld, GPE Chief Executive said “This is a well-located site providing opportunities to create significant value over the medium to longer term in this rapidly changing part of central London.”