MiddleCap seals deal for City scheme
MiddleCap has signed a deal with The Fishmongers’ Company to bring forward the development of Seal House in the City of London, EC4.
The new 155-year head lease will enable the development to proceed according to the planning consent granted in 2019.
Under the proposals for Seal House, designed by Eric Parry Architects, 141,000 sq ft of office, retail and restaurant space will be created alongside new riverside public space.
MiddleCap has signed a deal with The Fishmongers’ Company to bring forward the development of Seal House in the City of London, EC4.
The new 155-year head lease will enable the development to proceed according to the planning consent granted in 2019.
Under the proposals for Seal House, designed by Eric Parry Architects, 141,000 sq ft of office, retail and restaurant space will be created alongside new riverside public space.
MiddleCap and PPF Real Estate are bringing forward the redevelopment of the 1970s office block as joint venture partners by coinvesting on a 50/50 basis, with MiddleCap responsible for development management.
MiddleCap acquired the long leasehold interest in Seal House from Sellar in 2019. The property sits next to the grade II* listed Fishmongers’ Hall near London Bridge.
MiddleCap’s UK managing director, Johnathan Crawley, said: “This agreement represents a huge step forward for Seal House and the redevelopment of a prominent riverside site. Now we look forward to working with the Fishmongers’ Company and our professional team to bring our collective vision to life.”
Toby Williamson, clerk and chief executive to the Fishmongers’ Company, said: “We are very pleased to have concluded this deal with MiddleCap in our 750th anniversary year. The new building will significantly improve the setting of Fishmongers’ Hall and provide new public space for people living in or visiting the City. Importantly, it will also unlock capital, enabling us to increase our charitable programmes as we look to continue to make a positive difference in the next 750 years.”
The scheme is MiddleCap’s second UK property investment. The first, Southworks, is a 70,000 sq ft smart building close to Borough Market. Seal House is also PPF Real Estate’s first development project in London. Chief financial officer, Jiří Tošek, said: “We look forward to working together in delivering a top-notch project worthy of its location.”
Addleshaw Goddard and Knight Frank advised MiddleCap and PPF Real Estate, while Slaughter & May and Capital Real Estate Partners acted for the Fishmongers’ Company.
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Image © Eric Parry Architects
