Helical Bar has completed the purchase of a 70,000 ft² (approx. 6,500 m²) office building on City Road, just south of ‘Silicon roundabout’ and close to Google’s Campus initiative from a private family trust for £17.55 million (approx. €20.5 million). The building is currently let to Reuters, but vacant possession will be obtained in October of this year.
Helical Bar intends to carry out a refurbishment to re-model and re-position the building such that it appeals to the creative technology companies prevalent in this area and hopes to deliver the building within a short timetable, capitalizing on the current strong occupational demand.
The acquisition has rapidly followed Helical Bar’s successful closing of its first Retail Bond, which has seen the Company raise circa £80 million enabling it to further diversify its funding sources.
Executive Director Matthew Bonning-Snook commented: “We continue to increase our investment in areas of Central London where we see realistic pricing, genuine rental growth potential and an opportunity to add value. We are excited to be part of the wide scale regeneration that is taking place in building a growing hub for London’s digital and technology businesses.”
Hall Kemp advised the vendors who are a private family trust. Helical were not represented.
Source: FTI Consulting