Macfarlanes has advised SMBL Developments Limited, a company wholly owned by Mitsui Fudosan UK. Ltd, on a groundbreaking £1.1bn new development of the British Library’s St Pancras site.

The plans will create transformational new public spaces for the British Library alongside new, globally significant capacity for commercial science, innovation and knowledge industry. The development will further support the regeneration of the local area with new green spaces, learning and employment opportunities and a £23m contribution towards affordable housing.

Funded by Mitsui Fudosan, the scheme will enhance the Library’s national and international impact with new exhibition galleries, event spaces and new learning, business and innovation facilities.

Under the terms of the agreement, the British Library will grant a long lease of the land to SMBL, with Stanhope PLC retained as the Development Manager for the transformational scheme.

The Macfarlanes team was led by Real Estate Partner Dan Marriott with assistance from Senior Counsels Radhika Shah, Rebecca Whatman and Carolina Barry-Laso, and Senior Associates Emily Walker and Georgia Krell. Tax advice was provided by Partner Sarah Shucksmith, Senior Counsel Chris Mortimer, Associate Brodie Summerfield and VAT Specialist Lucy Green. Corporate and M&A advice was provided by Partner Justin Hope and Associate Matt Askew. 

Dan Marriott commented: “It is great to see this development go to the next stage and the discussions over many years come to fruition. We are delighted to have advised on these exciting plans to expand the British Library and help with the continued progression within the Knowledge Quarter.”