Noho Square, once one of the highest profile luxury and mixed used developments proposed for London, has been sold. The troubled project has some new hopes now that control is being acquired by development company Stanhope, according to the Financial Times. Icelandic bank Kaupthing teamed up with property developers Nick and Christian Candy several years ago with the original plans, and now has agreed to let Stanhope take control of the project. According to the news reports, Kaupthing will hold an equity stake in the project.
The site in London’s West End where the former Middlesex Hospital once stood had been targeted for a luxury residential and mixed-use development. Plans approved in 2007 envisioned about 82,000 square meters of developed space, with 273 high-end residences plus offices. The total end project was valued at more than £1 billion.
Stanhope is expected to shelve the project’s original plans and look at a more affordable project. The media industries in the West End are a prime target, and the new project will be phased in over several years.
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