Real Estate

Setting The Stage, Shoreditch, London

In 2015, McCourt Global (MG) joined a consortium led by Cain Hoy Enterprises, LLC, and Galliard Homes to create a new mixed-use development in London’s Shoreditch. The substantial site is in a prime location by being next to Amazon’s new European headquarters, and it sits less than five minutes’ walk from the Liverpool Street and Shoreditch High Street rail stations.
 
The project, known as The Stage, incorporates the remains of Shakespeare’s sixteenth-century Curtain Theatre, where Romeo and Juliet was first performed. The deal will see Plough Yard Developments Ltd. retain the freehold while granting a new, 250-year lease to the consortium to develop the 2.3-acre site, which has consent for a £750-million gross-development-value mixed-use scheme  including a 40-story residential tower and over 900,000 square feet of office, retail, and leisure accommodation set around more than an acre of vibrant public space. The remains of the theatre are being excavated and preserved as part of the development, providing a new tourist attraction for domestic and international visitors. Working alongside the consortium, Plough Yard Developments Ltd. will keep a stake in this internationally important heritage visitor center.
 
Drew McCourt, president of McCourt Global, said: “Shoreditch is among Central London’s most attractive locations for real estate investment and mixed-use development, and MG is very pleased to join Cain Hoy and Galliard Homes on this exciting project. Blending world-class commerce and residences—and a clear appreciation for its underlying rich history—The Stage will represent the very best aspects of this extraordinary neighborhood.”