At Barts Square mixed-use scheme in joint venture with The Baupost Group LLC and Helical, 108 of the 144 residential units have been sold with a further two units reserved in Phase One of the development.
Phased completion of these units is expected to commence in Q2 2017.
Demolition of the existing buildings for the second phase of residential is due to commence in December 2016 for 92 additional units with completion expected in 2019. Terms have been agreed with HSBC for the financing of these works. The office development of 213,000 sq ft at One Bartholomew Close, forward funded by clients of Ashby Capital, is under
construction with completion due in August 2018.
Barts Square is a redevelopment of 19 buildings to provide a total of 236 residential apartments, three office buildings of 213,000 sq ft, 23,000 sq ft and 10,200 sq ft, 20,600 sq ft of retail/A3 at ground floor as well as major public realm improvements, which will be incorporated into the wider Smithfield Area Strategy being worked up by the City of London.
Phase 1 – Residential/offices/retail
Phase 1 of the redevelopment of Barts Square comprises 144 residential units, 8,800 sq ft of retail space, 23,000 sq ft of new offices behind retained facades and public realm improvements. Completion of Phase 1 is expected in summer 2017. Contracts have been exchanged for the sale of 108 residential units for a total value of c.£138.5m at an average
£1,580 psf, with a further two units under offer.
Phase 2 – One Bartholomew Close – Offices
One Bartholomew Close was sold to clients of Ashby Capital LLP for £102.4m in August 2015. The demolition of the existing building and the construction of a new 12 storey office block of 213,000 sq ft, commenced in January 2016. The building is due to be completed in August 2018. Ashby’s clients finance the development costs and when the building is completed and successfully let the joint venture will be entitled to receive a profit share payment. Helical is the development manager for delivery of the project.
Phase 3 – Residential/retail
Phase 3 of the redevelopment of the site, involving the demolition of Queen Elizabeth II Building, 62 Bartholomew Close, 42-44 Little Britain and 45-47 Little Britain, is expected
to commence after vacant possession of these buildings is obtained at the end of November 2016. In their place, 92 residential units and 11,800 sq ft of retail space will be constructed, with completion due in early 2019.
Source: Helical Half-Year Results for the six months to 30 September 2016 helical.co.uk 24th November 2016