Description of Barts Square
Barts Square new mixed use quarter in the City of London EC1.
The site covers 2.3 acres and comprises ca 230,000 sq ft of office space and 215 high quality residential apartments in 17 buildings with retail space on the ground floor.
The development is just a minute from the future Farringdon Crossrail station.
In joint venture with The Baupost Group LLC (Baupost 66.7%, Helical 33.3%), Helical Bar owns the freehold interest in land and buildings at Bartholomew Close, Little Britain and Montague Street, a 3.2 acre site adjacent to the new Barts Hospital and just south of Smithfield Market. Existing buildings are let to the NHS on a number of short-term leases that expire in 2016.
Planning consent was implemented for a comprehensive redevelopment of 19 buildings to provide a total of 236 residential apartments, three office buildings of 211,000 sq ft, 23,485 sq ft and 10,200 sq ft, 16,300 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 One - Residential/offices/retail
Phase One of the redevelopment of Barts Square comprises 144 residential units, 10,200 sq ft of retail space, 23,485 sq ft of new offices behind retained facades and public realm improvements. The demolition of buildings in Bartholomew Close and Little Britain commenced in January 2015, with the retention of various facades behind which the buildings are being demolished. Completion of Phase One is expected in summer 2017. By November 2015 93 residential units were sold for a total sales value of c. £125m at an average £1,579 psf.
Phase Two - One Bartholomew Close, London EC1 - Offices
One Bartholomew Close was sold to clients of Ashby Capital LLP (“Ashby”) for £102.4m in August 2015, releasing £34m ofcash to Helical. Demolition of the existing building and the construction of a new 12 storey office block of c. 211,000 sq ft, to be called One Bartholomew Close, has just commenced. The building is due to be completed in July 2018. Ashby's clients will finance the development costs and when the building is completed the joint venture will be entitled to receive a profit share payment upon the successful letting of the building. Helical Bar will remain as development manager for delivery of the project.
Phase Three - Residential/retail
Phase Three of the redevelopment of the site, involving the demolition of Queen Elizabeth II House, 62 Bartholomew Close, 42-44 Little Britain and 45-47 Little Britain, is expected to commence after vacant possession of these buildings is
obtained in November 2016. In their place, 92 residential units and 10,700 sq ft of retail space will be constructed.
The old buildings comprised 420,000 sq ft let to the NHS at circa £3.5m per annum on a number of short term leases that expire between 2014 and 2016.
In November 2012, a resolution to grant planning permission was obtained and planning consent has now been issued following signature of the S106 Agreement. The scheme will bring much needed regeneration to this area of the City and will retain some of the existing buildings and complement them with a sympathetic redevelopment of the site.
Significant public realm improvements are planned, which will be incorporated into the wider Smithfield Area Strategy being worked up by the City.
Prices in October 2015 started from £815,000.
Register your interest at www.bartssquare.com.
- Helical Bar www.helical.co.uk