London’s Smithfield Market Set for Commercial Development

Henderson Global Investors Ltd., the London-based manager of $104 billion in assets, plans to develop Smithfield Market in the City of London financial district into offices, shops and restaurants.

The general and fish markets and other buildings will be refurbished for use as retail space and eateries and the historic meat market won’t be affected by the development, Henderson said in a statement today.

Smithfield is about a third of a mile from the site Goldman Sachs Group Inc. may develop as its new European headquarters. The 235,000 square-foot (22,000 square-meter) development may be valued at 160 million pounds ($257 million) after completion, Gemma Bradley, a spokeswoman for Henderson, said yesterday.

Most of Smithfield Market’s Victorian perimeter will be retained and new office space will be added in the general market and in a storage area next to the fish market.

“These buildings have lacked sustainable long-term use,” Geoff Harris, Henderson’s property development director, said in today’s statement. “Significant investment is needed to properly restore them and to deliver the commercial and civic space that is needed to be able to make the venture a success.”

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