Helical Bar today announces that it has committed to forward purchase a new 43,000 ft² (NIA) office building on Clifton Street, Shoreditch, London EC2 for £21 million. The Company will complete the freehold purchase upon practical completion of the construction, which is anticipated for summer 2015. McLaren Property is the vendor and McLaren Construction will undertake the development.
Duncan Walker, Investment Director at Helical Bar commented: "This purchase gives Helical further exposure to the dynamic Shoreditch market where we anticipate continued rental growth and tenant demand. As a new build, it will complement our recent deals in the form of Maple House on City Road and New Loom House in Whitechapel, all of which present different asset management, letting or refurbishment opportunities."
John Gatley, Managing Director of McLaren Property added "McLaren is pleased to have concluded this deal with Helical Bar and excited about the prospect of delivering what we hope will turn out to be a very successful office development."
Tudor Toone advised Helical Bar.
Source: Helical Bar