Derwent London has been selected as the preferred bidder to buy the freehold of the Moorfields Eye Hospital.
The Moorfields Eye Hospital NHS Foundation Trust and UCL selected the property investment firm for the acquisition of the freehold of City Road Island and 11-43 Bath Street.
Derwent will purchase 2.5 acres and 400,000 sq ft, in a deal that will see it submit a planning application next year for the site’s redevelopment.
The acquisition is expected to complete in the second half of 2026 following the completion of a new eye care, research and education centre in Camden.
Paul Williams, chief executive of Derwent London, said: “We are delighted to be acquiring this well located major regeneration opportunity close to our existing holdings in Islington.”
Martin Kuper, chief executive of Moorfields Eye Hospital NHS Foundation Trust said all proceeds of the sale would be reinvested in the new centre “to secure the long-term future of world-leading eye care, research and education in a way that represents value for money.”
He added: “Arrangements will be put in place for a smooth transition from the existing sites to the new one, with minimal disruption to the delivery of ongoing patient care.
“We know that staff and patients have formed a strong attachment to Moorfields at City Road over the years and will work with them to make sure that we do justice to honouring its legacy when we move to St Pancras. We will also maintain our strong links with Islington Council as plans for City Road Island progress.”