One of the old parishes mentioned by Stow as having formed first the parish of the Holy Cross or Holy Rood and afterwards as having been absorbed by the Priory of Holy Trinity, the parish of Holy Trinity (S. 142).
It seems to be still referred to in early records as a parish after its absorption by the Priory.
"St. Michael towards Alegate," 1274 (Anc. Deeds, A. 10791). "St. Michael near the church of Holy Trinity," 1280 (Ct. H. W. I. 51). "Sancti Michaelis extra Sanctae Trinitatis " (Lib. Cust. I. pp. 230 and 234). "S. Michaelis ante Portam Trinitatis," 31 Ed. I (ib.) "St. Michael by Cristeschirche" (Anc. Deeds, A. 2434).
Referred to in a bull of Pope Innocent III.as in the churchyard of the monastery, temp. John (Dugdale VI. (1), 155).
A chapel of St. Michael was erected near St. Katherine's church in the churchyard of the Priory about 1385 (Ct. H.W. II. 250).
It is stated in the Gentleman's Mag. Lib. XVI. pp. 55 and 56 and elsewhere that the remains of this church were to be seen for many years under the house at the south-east corner of Leadenhall Street, 36 ft. from north to south and 16 ft. from east to west, with a Gothic arched roof supported by pillars (See Maitland, 1775, II. 780). The site is marked in this position in O.S. 1875.
But in the Trans. L. and M. Arch. Soc. IV. 225, it is suggested that these remains placed north and south without Christian emblem or device are not the remains of St. Michael's Church, and that that edifice stood further west between Billiter Square and Lime Street Square. In support of this theory, attention is drawn to the mention of St Michael's Church in the description of the bounds of the Soke given by Queen Matilda for the Priory of Holy Trinity. There is also a deed of 1314 in the Trinity Cartulary (Guildhall MS. 122, f. 13) which seems to place the chapel of St. Michael near Billiter Lane, the chapel being near the northern boundary of the land included in the grant and Billiter Lane forming part of the western boundary.
On the other hand, if not the remains of an ecclesiastical edifice, it is difficult to determine for what purpose the building could have been erected. It is unlike the basements of the private houses discovered elsewhere, but might be the remains of some public building.