The Annexe Buildings, West Smithfield, EC1

An exceptional development opportunity

Strategic Advisory

Development Consultancy

Capital Markets

Head Lease Restructuring

Client (Purchaser): General Projects and Esselco Group
Vendor: The City of London Corporation
Location: West Smithfield
Asset Class: Proposed redevelopment of the site to bring forward a new leisure complex to include a revived food market and boutique hotel
Purchase Price: Confidential
Disciplines: Strategic Advisory, Development Consultancy, Capital Markets and Headlease Structuring

The Annexe Buildings, Smithfield, EC1

For more than a century, The Annexe Buildings formed part of the historic Smithfield Market. Today, they are set to become one of the defining projects within the transformation of Smithfield and the wider Destination City initiative.

Acting for the long leaseholder, a joint venture between General Projects and Esselco Group, we advised on the acquisition and structuring of a new institutional long lease and development agreement with the City of London Corporation. The transaction required the creation of an entirely new commercial framework, balancing the ambitions of the developer with the City’s long-term stewardship of this important heritage asset.

The result is a structure that unlocks the comprehensive redevelopment of the site, creating the foundations for a new food market, boutique hotel and leisure destination that will breathe new life into one of London’s most historic neighbourhoods.

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