Seth Klarman’s Baupost Group LLC and Helical Bar plc (LON:HLCL) are planning to redevelop a portion of the city of London. At $24 billion, the Baupost Group hedge fund is one of the largest in the world. It’s operated by Seth Klarman, and the recent announcement is especially significant for the fund because it opened its first office outside the U.S. last year in London, and expanded the office earlier this year.
The land that will be redeveloped sits next to St. Bartholomew Hospital and is located in Little Britain and Bartholomew Close in the city. The City of London Corporation granted permission to Barts Two Investment Property Limited to move ahead with the plans.
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Planning Ahead At Barts Square
Current plans call for demolishing the buildings that currently sit at the site and constructing new buildings that reach as high as 12 stories. More than 200 flats and 230,000 square feet of office space will be created, most of which will be in a new building that’s planned at the corner of Little Britain and Edward Street. Restaurants and shops will also be built on the site.
Plans To Retain Historic Facades
Helical Bar plc (LON:HLCL) released a statement saying that the most important historic buildings that currently sit on the site will be retained. The developer also said some of the new buildings will be constructed behind the historic facades so that the land can be redeveloped without losing the area’s historic appearance.
Baupost and Helical Bar plc (LON:HLCL) purchased the land in 2011. A spokesperson for the project said they hope to start working on it in 2014 and finish the entire project within four years.