Helical Bar announces today that it has exchanged contracts on the forward sale of 99 Clifton Street, Shoreditch, London EC2, an office development, with UBS Triton Property Fund ("UBS Triton") for £38.25 million (€41 mln).
In November 2013, Helical Bar agreed to acquire the new 43,000 ft² (3.994 m²) (NIA) freehold office building for £21 million (€26 mln) from the developer on practical completion of the building, which is anticipated for summer 2015.
Since contracting on the building Helical has worked with the developer to achieve a revised planning consent and to refine the building's specification to ensure that it is fit for the occupational demands of Shoreditch tech occupiers.
Duncan Walker, Investment Director at Helical Bar commented: "The Shoreditch office market is benefitting from strong occupational and investment demand, as demonstrated by this successful transaction which de-risks Helical's involvement. We anticipate crystallising a significant profit upon practical completion of the building and do not need to commit any further funds to this project. We still have substantial exposure to this market, in which we strongly believe, with The Bower in Old Street and C-Space (Maple House)."
Source: Helical Bar