Crosstree to buy Camden annexe

Crosstree Real Estate Partners has won the battle to buy the highly sought-after Camden town hall annexe opposite King’s Cross St Pancras Station, WC1.

Ernesto Bertarelli-backed Crosstree has been selected as preferred bidder by Camden council to buy the 100,000 sq ft block, with scope for major redevelopment.

The council’s town hall extension disposal report said: “The highest and most deliverable bid received in financial and monetary terms is from Crosstree Real Estate.”

A refurbishment and additional floors are proposed, with a hotel understood to be an option under consideration. A Banksy mural on the side of the building must be removed safely and given back to the council.

Crosstree was chosen ahead of BNP Paribas Real Estate and 4C Hotels.

The council appointed Deloitte Real Estate to sell the building in July last year. Offers in excess of £40m were expected.

Some 50 bidding parties looked at the asset, attracted by booming office rents and flats sales in the area as a result of the Argent-led regeneration scheme King’s Cross Central, N1.

Camden sought to sell the 100,000 sq ft annexe building in 2010, but a £25m deal to a consortium including Nottingham developer Roxylight broke down.

The building has become surplus to requirements as Camden is moving to 20,000 sq ft offices within the King’s Cross Central development.

The report added: “The offer is made on the basis of an exchange of contracts as soon as possible, but the completion of the sale to occur only once the council offers up vacant possession of the building.”

Camden is intending to vacate its existing offices by mid to late 2014.

GM Real Estate advised Crosstree.