Barratt close to landing NAMA’s Old Street Eagle House
Ireland’s “bad bank” shortlists two parties for £65m stalled residential scheme. Nick Johnstone reports
NAMA, Ireland’s National Asset Management Agency, is close to selling Eagle House, a stalled £65m residential-led development above London’s Old Street roundabout.
Barratt Developments and a private client of US brokerage firm Halstead Property are believed to be the two parties competing to buy the site, which is at 159 City Road and has consent for a 27-storey residential tower featuring 300 homes, as well as a supermarket, gym, shops and offices.
The site, between Britannia Walk, Ebenezer Street and Westland Place, was owned by Irish developer McCabe Builders before £175m of debt, mainly with Anglo Irish, was transferred to NAMA.
Property Week understands that Barratt, which already has a residential development above Dalston Junction railway station, is one of the last two contenders for the project, which was given the go-ahead in 2006. Construction began in 2008. A deal would follow hot on the heels of its conditional purchase of 1 and 2 Aldgate Place from Tishman Speyer, alongside British Land.
The local area, the City Road Basin, has attracted attention from residential developers Mount Anvil and Orion Capital Managers.
They are attracted by the area’s proximity to the City and to the Angel neighbourhood, at the end of City Road, tapping into young, creative workers who live there.
It is understood that there are rights-of-light problems with adjoining owners and up to £6.5m could be owed to local landowners and landlords to mitigate the impact of the 27-floor building.
Cushman & Wakefield was appointed to sell Eagle House in November 2011.
All parties declined to comment.