Welput buys £40m block next to rejected City tower scheme

The saga around a development which objectors claimed could have overshadowed Britain’s oldest synagogue has taken a fresh turn, after developers behind the original scheme bought the adjoining block in a £40m deal. Last year, campaigners for the 321-year-old Bevis Marks Synagogue in the Square Mile persuaded the City of London Corporation to reject US developer BentallGreenOak’s proposals for a 48-storey tower at the nearby Bury House, EC3, on conservation grounds.  The opposition campaign led to more than 1,700 letters of objection. However, BentallGreenOak has now bought neighbouring Grade II listed Holland House (pictured above) for around £40m via its UK fund, Welput. Stena UK appointed JLL to sell the freehold to the 49,000 sq ft building last year. The deal completed in December. A source close to the deal told EG the acquisition would not directly affect Welput’s plans to rethink the Bury House scheme. This is in part because of limitations around the listed status of Holland House, which is the only building in London designed by Dutch architect Hendrik Petrus Berlage. However, they said the deal had helped the developer consolidate its holdings in the area. Welput plans to refurbish Holland House and let it out as prime City office space. Welput declined to comment on the deal. The original scheme at Bury House would have provided 274,000 sq ft of offices. But Bevis Marks rabbi Shalom Morris said the proposal would have posed an “existential threat” to the Grade I listed synagogue, which sits just 25m away. He declined to comment on Welput’s deal to buy Holland House. Opponents of the scheme claimed the proposed building would have restricted sunlight into the synagogue and its courtyard. They also alleged the scheme would damage the historic and religious significance of the building. In a separate interview, Welput managing director Ker Gilchrist said he had “healthy” relations with Bevis Marks. Regarding redevelopment plans at Bury House, he said: “We must pause for breath, take an orderly look at the options that are in front of us – and there are options – then work out what is best… We go through stakeholder discussions on all of the assets we have.” Former lord mayor of the City of London Corporation Sir Michael Bear, who was on the planning committee for 15 years, said: “Dismissing the Bury Street application in October last year was a clear indication that the City acknowledges the delicate balance of growth with the protection of its unique heritage assets – something it must continue to do.” [caption id="attachment_1124391" align="aligncenter" width="847"] The proposed, and rejected, Bury House scheme to the right of the Gherkin[/caption] To send feedback, e-mail alex.daniel@eg.co.uk or tweet @alexmdaniel or @EGPropertyNews  © Copyright Jim Osley and licensed for reuse under this Creative Commons Licence/BentallGreenOak.