Curtain lifted on £750m Shoreditch JV deal

The future of The Stage looks assured with its owners having selected funding and development partners for the 2.3-acre mixed use scheme.

US private equity firm Cain Hoy, in partnership with Galliard Homes has been sel ected by the Bard family’s Plough Yard Developments to help bring forward the scheme which will include a 40-storey residential tower, comprising 385 homes; two office buildings totalling 250,000 sq ft; and 50,000 sq ft of retail space.

Allsop and CBRE were appointed by Plough Yard Developments earlier this year to find a joint venture funding partner on the scheme.

Plough Yard will grant a new 250-year lease on the site and retain the freehold interest as part of the deal, which is expected to sign imminently.

The remains of London’s second oldest Shakespearean playhouse, which were discovered on the historic site in 2012, will be excavated, preserved and exhibited over 13,000 sq ft, including a 164-seat indoor auditorium designed by Pringle Brandon Perkins+Will. Once completed, it is expected to become one of the UK’s pre-eminent tourist attractions.

Externally, a 200-seat outdoor performance space will link to a new, 1.3-acre open square with shops, bars, cafés and restaurants. An existing 19th Century Victorian railway viaduct will be restored to accommodate shops spilling out onto a plaza and with a 7,800 sq ft ‘urban park’ on top.

The office space, with the largest floorplates at around 14,000 sq ft, is likely to appeal to occupiers fr om the technology media and telecommunications sector. The residential tower will also include a gym, private cinema and business facilities.

Despite not being required due to the high archaeological costs, 40 affordable homes will be provided off site, delivered by Family Mosaic.

The site is bounded by Curtain Road, Hewett Street, Plough Yard and Hearn Street and once developed, The Stage along with Principal Place will provide a ‘bridge’ between the City, Sptialfields and Shoreditch.

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