NoHo Square
Encyclopedia
NoHo Square was the name given to the 95,000 m2 office, residential and commercial complex in Fitzrovia
, London
which was being developed from the former Middlesex Hospital
building. The name Noho was hated by the people living in Fitzrovia and the property development which was not favoured locally was disliked even more because of "that horrible Noho name" for the development the Candy brothers chose.
Redevelopment was halted by the global financial crisis as an Icelandic bank was the biggest shareholder, but the project has now been taken on by Aviva Investors and Exemplar Properties. The name NoHo Square was unpopular and for now the project is referred to as the "former Middlesex Hospital site".
CPC Group (33%) and Richard Caring
(10%) bought the 3 acres (12,140.6 m²) Middlesex site from University College London Hospitals NHS Foundation Trust
for £175m in June 2006. The demolition was completed in late 2008. When Kaupthing went into administration, the Candys swapped their stake in NoHo Square for Kaupthing's share of another joint development in Beverley Hills.
The project was being carried out by Ken Shuttleworth's agency 'Make' alongside developers 'Project Abbey', with developers Candy and Candy handling the fit-out.
In March 2009 Kaupthing announced that Stanhope plc would be the new developer and would take a 20% stake backed by Mitsui Fudosan that valued the site at £50m, with Kaupthing retaining an 80% stake. Kaupthing rejected a bid worth £60m bid from Ian and Richard Livingstone’s London & Regional. In March 2010 Kaupthing appointed CB Richard Ellis to sell their remaining stake, with Stanhope reported as interested in acquiring it. Aviva Investors and Exemplar Properties acquired the site in July 2010.
Fitzrovia
Fitzrovia is a neighbourhood in central London, near London's West End lying partly in the London Borough of Camden and partly in the City of Westminster ; and situated between Marylebone and Bloomsbury and north of Soho. It is characterised by its mixed-use of residential, business, retail,...
, London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
which was being developed from the former Middlesex Hospital
Middlesex Hospital
The Middlesex Hospital was a teaching hospital located in the Fitzrovia area of London, United Kingdom. First opened in 1745 on Windmill Street, it was moved in 1757 to Mortimer Street where it remained until it was finally closed in 2005. Its staff and services were transferred to various sites...
building. The name Noho was hated by the people living in Fitzrovia and the property development which was not favoured locally was disliked even more because of "that horrible Noho name" for the development the Candy brothers chose.
Redevelopment was halted by the global financial crisis as an Icelandic bank was the biggest shareholder, but the project has now been taken on by Aviva Investors and Exemplar Properties. The name NoHo Square was unpopular and for now the project is referred to as the "former Middlesex Hospital site".
History
A Guernsey-based consortium of Kaupthing, the Candy brothers'Christian and Nick Candy
Christian Candy and Nick Candy are British businessmen specialising in the luxury housing market. They were educated in Epsom College . In 1995, the brothers bought their first property, a one-bedroom flat in Redcliffe Square, Earls Court, London...
CPC Group (33%) and Richard Caring
Richard Caring
Richard Caring, is an English billionaire businessman of American, Italian and Jewish descent, who made his fortune in fashion, and latterly property and restaurants....
(10%) bought the 3 acres (12,140.6 m²) Middlesex site from University College London Hospitals NHS Foundation Trust
University College London Hospitals NHS Foundation Trust
University College London Hospitals NHS Foundation Trust is an NHS foundation trust based in London, United Kingdom. It comprises the Eastman Dental Hospital, The Heart Hospital, the Hospital for Tropical Diseases, the National Hospital for Neurology and Neurosurgery, the Royal London Hospital for...
for £175m in June 2006. The demolition was completed in late 2008. When Kaupthing went into administration, the Candys swapped their stake in NoHo Square for Kaupthing's share of another joint development in Beverley Hills.
The project was being carried out by Ken Shuttleworth's agency 'Make' alongside developers 'Project Abbey', with developers Candy and Candy handling the fit-out.
In March 2009 Kaupthing announced that Stanhope plc would be the new developer and would take a 20% stake backed by Mitsui Fudosan that valued the site at £50m, with Kaupthing retaining an 80% stake. Kaupthing rejected a bid worth £60m bid from Ian and Richard Livingstone’s London & Regional. In March 2010 Kaupthing appointed CB Richard Ellis to sell their remaining stake, with Stanhope reported as interested in acquiring it. Aviva Investors and Exemplar Properties acquired the site in July 2010.