Planning permission has been granted for the lucrative mixed-use Barts Square development situated in the heart of London.
CN understands that the contract value for the 2.3-acre site will be in the region of £180 million.
The City of London’s Planning and Transportation Committee confirmed the approval of the Barts Square development at a meeting in Guildhall this afternoon.
The Barts Square site lies on the border of Farringdon and Aldersgate, between Smithfield and St Paul’s Cathedral.
It will consist of 226,000 sq ft of offices, 202,000 sq ft of residential space in 215 high-quality apartments, and 24,000 sq ft of retail/restaurant use across 17 buildings.
Helical Bar, along with joint venture partners, acquired the land and buildings at Bartholomew Close, Little Britain and Montague Street for £55m in February 2011.
The sites at Bartholomew Close and Little Britain are currently occupied by the NHS and are due for vacation on a phased basis over the next two to four years.
Work on site is set to begin in late 2014.
The firm had been in discussions with the London NHS Trust and the City of London about developing a new quarter in the space, including improvements to the public realm.
A spokesman for the City of London said the scheme had been approved “subject to conditions which are being approved by our legal teams”.
A planning application for the site was submitted in February this year.
The Farringdon Crossrail station is due to open in 2019.
The team so far:
- Development manager – Helical Bar
- Project Manager – GVA Second London Wall
- Architect – Sheppard Robson
- Landscape Architect – Gross Max
- Quantity Surveyor – EC Harris
- Structural Engineer – Waterman
- Services Engineer – Grontmij
- Planning Consultant – DP9
- Highways and Transport – Buro Happold
- Heritage consultant – Heritage Collective
- Townscape consultant – Tavernor Consultancy
- Archaeological consultant – CgMS