Cancer Research UK to call on Angel Centre

Cancer Research UK is to relocate its London headquarters to Derwent London’s Angel Centre in Islington.

The charity is to prelease around 135,000 sq ft of office space at the scheme on the corner of St John Street and Pentonville Road near Angel Tube station.

It chose the Angel Centre over Thornfield Properties’ Charterhouse Place scheme, opposite the Smithfield meat market on Farringdon Road.

In February this year, Derwent London secured planning permission from Islington Borough Council for an Allford Hall Monaghan Morris redesign of the 162,000 sq ft existing building, which will increase the office element to 255,000 sq ft.

The building was formerly occupied by BT, which surrendered its lease last year but continues to pay £4.3m a year – around £25/sq ft – until the refurbishment is completed in March 2010.

The terms of the deal with Cancer Research UK have not been disclosed. In February Derwent London said in its results it hoped to achieve rents of £45/sq ft, increasing income from the building to £11.5m following its redevelopment.

Cancer Research UK was formed in February 2002 through the merger of the Cancer Research Campaign and Imperial Cancer Research Fund, and is the leading funder of cancer research in the UK.

It currently occupies nine buildings across London and has its headquarters at 61 Lincoln’s Inn Fields in central London, where it occupies around 55,000 sq ft. It is consolidating its property needs and in August last year appointed Jones Lang LaSalle to advise it on a relocation. It is thought it may sell some of its existing offices.

The Angel Centre is the first building of the London Merchant Securities’ portfolio to be refurbished following its merger with Derwent Valley in February 2007 to form Derwent London.

Its combined London property portfolio is around £2bn. Derwent London will fund the scheme from its own cash reserves. DTZ and CB Richard Ellis advised Derwent London.