Royal Mail plans for Residential Development at its London sorting office
As much as 6.5 acres of the 12 acre iconic Mount Pleasant site is planned for development into flats
The company is spending £32m on redeveloping Mount Pleasant both to catch-up with modern post sorting technology and to allow the development of the rest of the site, partly funded from the sale of another central London site, Rathbone Place, for £120m last year.
Royal Mail has already secured planning permission for a new development at its South London mail centre near Vauxhall, which includes over 1,800 residential units and a primary school. It plans to stop using the site later this year.
The group is also marketing a six-acre mail centre in Reading, which has permission for mixed commercial use, and said it is in planning talks with Westminster council about the redevelopment of an old mail centre in Paddington.
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Momentum seems to be gathering with the privatisation of Royal Mail, which means that more of its valuable freehold assets may become available in central areas, ripe for commercial development. It is definitely one to look out for!