Five blue-chip developers are vying for the chance to draft a £750m mixed-use masterpiece on the historic site where Shakespeare’s Romeo and Juliet was first staged.
The private family owners of the 2.3-acre Shoreditch site, which includes the remains of the Elizabethan Curtain Theatre, have begun talks with a select group of potential development and funding partners.
The Bard family’s Plough Yard Developments will grant a new 250-year lease on the site, which has consent for a 40-storey residential tower and 257,252 sq ft of offices, and retain the freehold.
CBRE and Allsop are advising Plough Yard on the joint venture agreement.
At the heart of the scheme, which has been dubbed The Stage, will be one acre of public space centred on the remains of the theatre.
A 14,000 sq ft exhibition centre will house the remains, while a 6,735 sq ft two-storey pavilion with a roof terrace will overlook the site, which also includes 27,000 sq ft of shops.
The Stage borders Principal Place, EC2, the mixed-use scheme comprising a luxury residential tower and 600,000 sq ft office building which has been prelet to Amazon.
It is bounded by Curtain Road, Hearn Street, Hewett Street, Plough Yard, Fairchild Place and Great Eastern Street.
The internationally significant archaeological remains are expected to become one of London’s top 10 visitor attractions and are the first Scheduled Ancient Monument in the London borough of Hackney.
Between 1597 and 1599 the Curtain’s sheep knuckle floor played host to Shakespeare’s company the Lord Chamberlain’s Men.
Allsop partner Howard Kauffman said: “This is a best-in-class development opportunity and we are looking for a best-in-class partner to help deliver it.”
Plough Yard is considering a range of proposals for the 385 flats at the scheme, with some parties proposing retaining a portion for rental.
Residential prices at neighbouring Principal Place have topped £1,600 per sq ft; office rents at the scheme are expected to be around £55 per sq ft.
The Stage is one of a series of neighbouring and adjacent major developments which will transform Shoreditch, including British Land’s Blossom Street and Hammerson’s and Ballymore’s Bishopsgate Goodsyard.
The Pringle Brandon Perkins + Will-designed Stage aims to create a new centrepiece for Shoreditch by retaining the open space at its heart.
The Bard family began buying property in Shoreditch more than 40 years ago. Its portfolio includes much of Great Eastern Street, including a stake in the Hoxton Hotel.
