'Noho Square' finally looks poised for redevelopment

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Its owners, a joint venture made up of Kaupthing, Aviva Investors and Exemplar, today submitted a new planning application to Westminster City Council. They have also ditched the loathed Noho Square moniker.

The first effort by Gherkin architect Ken Shuttleworth has been ditched in favour of a new one by Lifschutz Davidson Sandilands and Sheppard Robson which the developers say provides more public space and is less bulky. They claimed that it retained some of the character of other architecture in the local area.

The end result will be a £750 million, mixed-use scheme that is to include 237 private and 54 affordable homes, 210,000 sq ft of offices in two buildings along with 21,000 sq ft of restaurants and shops.

A major new public square will be set around the former hospital's listed chapel which will be run by a community trust.

The site was bought in the heady days of 2006 by Kaupthing and the Candy brothers for an eyebrow-raising £175 million. At the same time, they also acquired a site in Beverly Hills for an even more excessive £250 million.

When Kaupthing collapsed in the Icelandic banking disaster and was nationalised, the bank and the Candys did a swap that gave the Middlesex Hospital site to Kaupthing and Beverly Hills to the Candys. The California project was then foreclosed on by its lenders and remains in limbo.