Helical Bar plc has signed an option agreement to purchase the freehold of 1 Mitre Square, London, EC3 from Ansbacher and Co Limited, together with a long leasehold interest of the adjacent site at International House, Creechurch Lane, from the City Corporation. The freehold of 1 Mitre Square will be transferred to the City and Helical Bar will have a long leasehold over the entire site.
A planning application has been submitted for a new high quality development comprising 270,000 ft² (25,000 m²) NIA of offices and retail on the ground floor. The striking building has been designed by architects Sheppard Robson and will be 20 storeys high, with floor plates up to 17,500 ft². As part of the proposal, there will be significant public realm enhancements including the creation of a verdant square.
The site already has full vacant possession so construction could commence early next year.
Gerald Kaye, director of Helical Bar plc said, "This is an exciting scheme with an excellent floor plate. The environment around the building will be much improved with a major upgrade of the public realm. With limited supply of new, good quality City office space forecast to come to the market over the medium-term, combined with the high spec of design on offer, we feel confident that this building will see strong interest from potential occupiers."
George Gillon, Chairman of City Corporation's Property Committee, said, "This is particularly good news and is an endorsement of the City's policy in making sites available for redevelopment especially given the current shortage of large-scale office space in the Square Mile."
Helical Bar plc were advised by Ingleby Trice, the City by Jones Lang LaSalle and Ansbacher by CBRE.