City of London in talks to buy Smithfield building for £34.6m
THE CITY of London has agreed to buy back the leasehold to London’s historic Smithfield Market for £35m, City A.M. understands.
The Victorian general market site has lain empty for more than 20 years after several failed attempts to redevelop it. However, it could become the new home for the Museum of London if the sale goes through.
The City was given the go-ahead to buy the site at a meeting by its main decision-making body, The Court of Council, last week. A price of £34.6m is understood to have been recommended although one member at the meeting questioned whether the City should pay such a high sum.
A potential sale comes after controversial plans by its current owners TH Real Estate were rejected by former communities secretary Eric Pickles last year, in a huge blow to the company.
TH Real Estate – then known as Henderson – wanted to revamp the market into a £160m mixed-use scheme with offices and shops.
Although it is understood to have bought the site out of administration for a fraction of the current asking price, it has invested millions into the upkeep of the site.
The Victorian Society, which opposed Henderson’s plans, said the Museum of London’s ambition to move to Smithfield was potentially great news for the future of the building.
Director Christopher Costelloe, said: “Relocating the Museum into Smithfield Market would also appear to be the kind of ‘beneficial use’ envisaged by the Secretary of State during the public inquiry. However, our stance will ultimately depend on the detailed plans.”