Stonecutter Court comprises the redevelopment of three existing buildings just a short distance from the new Crossrail interchange at Farringdon Station.
Tenure
Long Leasehold
Timeline
2014 – 2019
Area
245,000 sq ft
(22,760 sq m)
Partner
Ivanhoe Cambridge
Tenants
Travers Smith
OPPORTUNITY
Arranged around a central courtyard on an island site just to the north of Fleet Street, the existing buildings were relatively inefficient and coming to the end of their economic life. Adjacent to the New Street Square office campus, the lease to Deloitte was coming to an end, and new developments in the local area demonstrated that there was the potential to achieve greater height and massing on the site.
ACTIVITY
Greycoat led the pre-purchase due diligence process with Ivanhoe Cambridge, which included negotiating an alteration to the existing City of London headlease, and undertaking various feasibility studies to formulate the business plan and underwrite the acquisition of the asset.
Having considered a number of different refurbishment schemes, Greycoat worked with TP Bennett architects to secure planning consent to redevelop the site into a new 13-storey state-of-the-art office building of approx. 245,000 sq ft. The design incorporated the retained Grade II Listed Hoop & Grapes public house, providing new retail space at ground floor, a new public park, and occupier amenities including a new café and extensive rooftop terraces.
OUTCOME
Post-planning Greycoat implemented a pre-leasing campaign and engaged with various occupiers before agreeing terms with law firm Travers Smith for a pre-let of approx. 65% of the office accommodation. Greycoat’s involvement in the project came to an end in 2019.
