Highgate Holdings has sold the One Fairchild development in London's Shoreditch to Rocket Properties for an undisclosed sum.
The unoccupied 0.482-acre site received planning consent in 2016 for a mixed-use scheme, including a 200-bedroom hotel, designed by architect Gensler. It would have been the first Highgate hotel in London, joining managed properties including the Park Plaza Boston and Smyth Tribeca in New York City, and was expected to be completed by 2018.
Rocket Properties will announce £300m plans for a new scheme at the site for a "best-in-class development that prioritises sustainability and technology".
Andrew Hawkins, director of Rocket Properties, said: "One of the most sought-after development opportunities in Shoreditch, we are thrilled to have secured One Fairchild, which is an exciting addition to our growing pipeline of new projects. We are firm believers in London's vitality and its enduring success, and this acquisition is proof of our commitment. We are looking forward to working with the London Borough of Hackney and the local community to maximise the potential of this vital location."
Acting on behalf of the vendor, Marsha Rabinovich, director of Kauffmans, said: "We are delighted to have managed the sale of our clients long leasehold interest in this prime development site, which is situated in a pivotal location in in the heart of Shoreditch. We are seeing resilient demand from occupiers seeking Grade A accommodation in the area and are excited about the prospect of bringing the site forward."
Rocket Properties' London portfolio includes the 251-bedroom Premier Inn on Old Street.
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