Reef bags Royal Mail King’s Cross site for £100m

Royal Mail Group and Parcelforce Worldwide have found a new owner for their freehold site at King’s Cross, N1, after more than two years of talks. The opportunity hit the market in 2023, through CBRE. It was then remarketed in July 2023 and withdrawn from the market in October 2023. At the time, CBRE secured more than 15 bids for the site in May, with offers peaking at £160m. According to market sources, Reef has most recently teamed up with GIC to pursue a new bid for the site at £100m. The deal has been agreed on the basis of an unconditional initial land price plus further payments which may be linked to planning. The 3.7-acre site represents one of the last major land parcels remaining in the heart of London’s Knowledge Quarter. Royal Mail has previously mooted intentions to relocate its Parcelforce operations to a new facility in Tottenham, N17, but no confirmed date for relocation or the provision of vacant possession has been agreed as part of the deal. The site, which provides space for the development of up to 600,000 sq ft of lab and office space and over 220 homes, could double up the existing Tribeca scheme being delivered by Reef and Blackrock Alternatives opposite. Apex, one of five mixed-use buildings within the masterplan, has already been delivered, with works ongoing on the Reflector, Assembly and Connector buildings, which are scheduled for completion in 2026. The fifth building is a 12-storey residential block of 74 flats.