A deal has been agreed in respect of the Smithfield site 23-38 Charterhouse Square, Central London, whereby Helical Bar will purchase a 155-year lease from the Governors of Sutton’s Hospital in Charterhouse, known as ‘Charterhouse’, for £16 million. 

The property is currently tenanted by Royal Bank of Scotland. However, RBS will be vacating the building at the end of this year, leaving the site free for major development by the new owner. The plans include an increase of the square footage from around 34,000 square feet to 42,000 square feet, with renovations anticipated to complete in early 2017.

One of the attractions of the site is the proximity to Farringdon station, which will be one of the impending Crossrail hubs. 

The Charterhouse charity also has redevelopment plans for other parts of the square, including a visitor centre and a museum dedicated to the long history of the buildings there. 

The history of the Charterhouse is as a former Carthusian monastery, having, since the 16th century been a private mansion, a boys’ school and an almshouse, its current function. 

Helical also has development plans for the nearby Barts Square, which will encompass a large mixed-use scheme, including residential, office and retail/restaurant space. It is intended that the two sites will complement each other because of their proximity. 

This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.