Helical Bar has entered into a development agreement with Corporate Pension Fund clients of Savills Investment Management (formerly Cordea Savills), to bring forward the redevelopment of their long leasehold interest in 26-35 Drury Lane and 8-12 Dryden Street, London, WC2.
Helical will work up plans with a view to submitting a planning application by September for an 80,000 ft² NIA (approx. 7,400 m²), mixed use scheme. On grant of planning, Helical will purchase the site for an agreed price of £42 mln (approx. €59.1 mln) and undertake the development of the scheme. Upon the completion of the development, the Pension Fund will receive a profit share and retain ownership of the basement and ground floor retail space comprising a total of 16,000 ft² (approx. 1,500 m²).
Located between Drury Lane and Dryden Street, the 0.5 acre (approx. 0.2 hectare) site currently comprises approx. 65,000 ft² (approx. 6,000 m²) of office and retail space. The proposed plans will involve a full redevelopment of the existing buildings, to create a residential led scheme comprising 70 residential apartments, as well as retail and restaurant space, and improved public realm.
Benefiting from a prime central London location and extensive public transport links, the site is well placed to capitalise on end user demand within the vicinity.
Helical were advised by Cushman & Wakefield. Savills Investment Management were advised by Savills.
Source: Helical Bar plc