Further Islington site bought as cinema anchor renews lease
CBRE Global Investors has grown the ownership with the acquisition of 14 Upper Street for £2.2m, this follows their acquisition of 19 Upper Street in August 2016 for £4.5m. At the same time CBRE Global Investors has announced that longstanding Angel Central tenant, cinema operator Vue, has extended its lease.
The Vue cinema originally opened at the centre in 2002, and the operator has committed to Angel Central for an additional 25 years, until 2044.
Angel Central is currently being enhanced with an £11m investment transforming the basement from the existing carpark into new retail and leisure space, new restaurants, an improved public realm, and the Angel Wings remaining at the heart of the destination.
As part of its future plans for Angel Central, CBRE Global Investors completed on the acquisition of 14 Upper Street, formerly Barclays Bank. A future initiative is to improve the centres’ visual presence from Upper Street with the ability to create new gateway units into the Angel Central scheme with potential for a rooftop restaurant.
Laura Wilson-Brown, head of asset management UK at CBRE Global Investors, said: “We are delighted that Vue has chosen to commit over the long term to Angel Central, underscoring its position as a prime retail and leisure destination for residents and visitors to Islington. By acquiring 14 Upper Street we have increased our ownership in the area and our long-term commitment to Angel Central.”
