Crosstree Real Estate Partners has agreed to fund and partner with development manager Simten to deliver One Museum Street, a mixed-use scheme with a development value of more than £500m.
The transaction completes the exit of BC Partners Real Estate, which brought the project through masterplan assembly and planning and had been seeking an investment partner for the site since 2024.
The scheme will redevelop Selkirk House, the vacant former Travelodge hotel at 166 High Holborn and 1 Museum Street. It includes a new 74m building and the surrounding buildings on the site, on the edge of the Bloomsbury conservation area. Planning permission was granted by Camden Council in March 2024. Demolition and enabling works are under way, led by John F Hunt as contractor, and the project is targeting practical completion in 2029.
Simten will continue as development manager. Gardiner & Theobald are project and cost manager, Heyne Tillett Steel are structural engineer, and Scotch Partners are M&E engineer.
