Helical bar has let the seventh floor of The Warehouse building at The Bower, London EC1, to online payments company Stripe Payments UK Ltd on a five year lease.
The transaction also represents the final letting within the 150,700ft² (14,000m²) phase 1 of The Bower. Helical bar plc, along with its joint venture partner, Crosstree Real Estate Partners LLP, exchanged contracts on the purchase of The Bower development late last year for £248m (€331m). Construction has started on phase 2 of The Tower, which will deliver a further 177,300ft² (1,6471m²) of space next to Old Street underground station in the heart of London’s Tech Belt. Completion is expected in the first quarter of 2016.
Gerald Kaye, Helical’s development director, said: “Securing our final tenant at phase 1 of The Bower tops off what was a good year for the scheme. The rents achieved since we started letting space have risen and reflect the considerable appeal of The Bower. Given the demand in the local market, where tech, media and more traditional City occupiers are all eager tenants, we only see this trend continuing. It reaffirms our recent decision to buy out The Bower development and supports our wider strategy to own and develop multiple sites in London.”
Helical was advised by JLL and Hatton Real Estate while Stripe Payments UK Ltd was represented by CBRE.
