Sale only choice for Roots in the Sky, says Fabrix

Blackfriars Crown Court in London is set to come to market after owner Fabrix said the only way it would be able to settle its debt on the building was through a sale. Receivers at MHA were appointed to a Fabrix-tied special purpose vehicle that owns the property at 1 Pocock Street, SE1, by the Reuben brothers’ Motcomb Estates in November last year. Recently filed accounts for the SPV reveal that plans are now being drawn up for a sale of the property, where Fabrix had planned a major redevelopment, creating a 430,000 sq ft scheme with a 1.4-acre rooftop forest called Roots in the Sky, and the adjoining 55 Great Suffolk Street, where the developer has repurposed a Victorian warehouse. A going concern note in the accounts, filed earlier this month, shows that the value of the properties has been written down to £56.9m, which represents the value of the loan secured against them, plus interest. It adds that it does not forecast any “residual value” in excess of the balance of the debt to be returned to the business. Fabrix bought 1 Pocock Street in 2019 from HM Courts and Tribunals Service for £65m. According to EG Radius data, it paid £4.5m for the vacant 55 Great Suffolk Street in 2020. Photo by Shutterstock