The run-down site between Shoreditch High Street and Great Eastern Street was originally a Victorian timber yard and has been privately-owned by the Hall and White families for over 40 years.
The proposed scheme, known as Shoreditch Village, will create 150,000 square feet of commercial-led space, including a 216-bed Citizen M Hotel, offices, shops, restaurants and a covered food market.
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The first phase is already under construction and is expected to be completed in the last three months of the year. The families will retain an interest in the freehold and the prime residential elements, alongside other occupiers, including the hotel and shops ground floor level.
Meanwhile Brockton Capital, a private property fund, has bought the second phase of the scheme, which has consent for retail and office use.
Charles Tutt, a principal at Brockton Capital, said: “The acquisition of Shoreditch Village fits perfectly with our fund’s strategy of acquiring and developing mixed use buildings in vibrant London neighbourhoods. The creative and cultural richness of Shoreditch will allow the creation of an environment that will directly respond to the evolving needs of next generation occupiers.”
Dominic White, managing director of Shoreditch Village and co-owner of the project, said: "The district has been the focus for numerous investment businesses over the last few years, and the Shoreditch Village project has been the result of several years’ hard work to create and deliver a scheme that meets the increasing demand for residential and commercial space in the area.
"We look forward to making further occupier announcements from Phase One in the next few months and working with Brockton Capital to make Shoreditch Village the go-to destination in the area for both work and leisure.”
Knight Frank represented Shoreditch Village Ltd, Colliers represented Brockton Capital. The scheme has been designed by EllisMiller Architects.