60 Aldgate, EC3

60 Aldgate High Street, London EC3

Strategic Advisory

Development Consultancy

Capital Markets

Head Lease Restructuring

Client: 4C Hotel Group and Rocket Properties
Location: 60 Aldgate High Street, London EC3
Size: 255,000 sq ft of office and retail accommodation
Practical Completion Date:: 2028 +
Asset Class:: Offices and retail
Amenities: Ground floor retail accommodation, Still & Star pub, public realm and terraces
Development partner: Rocket Properties
Total Capital Value: £350M +
Disciplines: Development Consultancy, Capital Markets, Strategic Real Estate Advisory and Headlease Structuring

Opening a new chapter in Aldgate’s story

As the saying goes, ‘good things come to those who wait’.

In 2011, 4C Hotel Group acquired the Minories Estate on the City fringe. In 2014 Kauffmans were appointed and over the years successfully secured planning permission (by way of revised planning applications, objections, amendments and a million and one other obstacles).

No strangers to smoothing the way for large-scale development deals in the area, we agreed the best possible terms with TfL. The stage is now set for 60 Aldgate, an exciting joint venture development and the first phase of a major new business district for the City of London.

The brief

Following approval of the initial masterplan in 2013, Kauffmans was appointed to find a way of making the concept a reality. This included increasing the red line boundary to improve floor plates and enabling works below ground – as TfL controlled rights to sub-soil development.

The challenge

Every redevelopment project is complex – some more than others.

To start with, there was an intricate web of third party land and title rectification issues involving TfL, The Crown Estate and The City of London. Air rights had to be acquired from London Continental Railways. And a labyrinth of tunnels beneath the site further complicated the structural and engineering challenge.

To thicken the plot even more, we had to field a barrage of political objections, as part of the site was listed as an ‘Asset of Community Value’

The process

Since 2013, we’ve been involved with negotiating every twist and turn.

Major milestones so far have included:

Coordinating first stage communications to create investment interest
Decoupling the office, hotel and residential uses from the original masterplan
Getting TfL on board (and on our side)
Introducing Rocket Properties as 4C’s joint venture partner
Structuring the JV Agreement and securing a third-party funder
Gaining consent for an additional 45,000 sq ft
Arranging the development lease and rectifying property titles
Managing magic circle law firms in creating complex documentation
Overseeing the structuring of option agreements and head leases
Negotiating a 500-year lease that benefits both TfL and the third-party funder
Agreeing the relocation of the historically significant Still & Star pub
Providing a clear development pathway to push the scheme forward

The result

Formerly the site of a 13th century abbey, the centre of the 18th century sugar industry and Jack the Ripper’s 19th century stomping ground, Aldgate is steeped in history.

And the next chapter starts here, with the development of 60 Aldgate. A best-in-class office space and public place. A dramatic new £350M City landmark, spearheading the transformation of the whole area.

We’re not quite there yet, but you can be sure we’ll be in the thick of it, right up until they cut the ribbon.

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Get in touch

We believe there’s no such thing as a puzzle that can’t be solved, or a resolution that can’t be agreed. Whatever real estate help you need; we’d love to hear from you.