Helical Bar Plc (HLCL) and affiliates of the Baupost Group LLC asked for planning permission to develop shops, offices and more than 200 apartments near St. Bartholomew’s hospital in the City of London financial district, according to a legal notice published yesterday.
The companies bought the site in February 2011 for about 55 million pounds ($86 million) and will pay as much as 35 million pounds more, depending on the planning approval and when the property becomes available, they said in a statement at the time.
Joint venture Barts Two Investment Ltd. plans to develop 230,000 square feet (21,000 square meters) of offices, 216 apartments and 24,000 square feet of shops and restaurants on the site. The trust that operates St Bart’s, Britain’s oldest hospital, sold the land to Barts Two.
The plan will “create a brand new vibrant and dynamic City destination,” Gerald Kaye, Helical Bar’s development director, said at the time of the purchase.
Helical Bar owns one third of the joint venture and Baupost’s affiliates hold the remainder.