U+I takes punt on Finsbury Park becoming startup hub and buys Arts Building

Regeneration expert U+I is taking a punt on Finsbury Park becoming the next Shoreditch with the purchase of an office block, the Evening Standard has learnt.

Property sources said the listed firm has bought the 57,000 square feet Arts Building from picture-framing firm John Jones, which has used it for offices and workshops.

A price of over £15 million is rumoured.

Matthew Jones, the owner of John Jones, said he looks forward to “seeing the building enter into a new chapter”.

He said closing the home of the business, which has been in the Finsbury Park area for 32 years, has been a hard decision.

However, he added: “We feel strongly that now is the right time for us to take a much-needed break and put our own families first.”

Experts think the area will become increasingly attractive to start-ups that are looking for cheaper office rents than in central London and Shoreditch, but also seeking good transport links.

Property agent Knight Frank advised the vendor and Pilcher Hershman acted for U+I.