Helical has agreed a new €56.6m (£50.4m) five-year loan facility with Wells Fargo Bank (London branch) to part finance the development of its new six-storey, 90,000ft² office development above Farringdon East Crossrail Station, London, EC1. Helical acquired the site from Transport for London in April 2018 and has now started the construction. The development, which will incorporate a restaurant unit at ground floor level, sits immediately to the east of Smithfield Market and provides views of Charterhouse Square and towards St Paul’s Cathedral. Completion of the scheme is expected in November 2019, shortly after the revised opening of the Elizabeth Line.
The new facility will be drawn down during the construction phase and will convert into an investment facility for the remainder of its term. Protection against future interest rate rises will be provided by a 1.75% interest rate cap on €44.9m (£40m) between January 2020 and July 2023.
Matthew Bonning-Snook, Property Director at Helical, commented: “We are pleased to start this exciting new scheme in a location that we know well, sitting adjacent to our Charterhouse Square property and close to the new urban quarter we are creating at Barts Square. We are confident that the building will attract strong interest from potential tenants.”
Tim Murphy, Finance Director at Helical, commented: “I am pleased we have arranged this facility with Wells Fargo, a new lender to Helical, and looking forward to working with them on this project.”