A joint venture between Helical Bar and funds managed by The Baupost Group has agreed the £102.4m sale of its jointly owned company which owns One Bartholomew Close EC1 to clients of Ashby Capital.
One Bartholomew Close is a 211,000 sq ft scheme which will provide 12 storeys of high quality office space, with average floor plates of 19,300 sq ft, featuring a tenth-storey terrace and space for nearly 400 bicycles.
Demolition of the existing building will commence when the occupier vacates later this year. Helical Bar will remain as development manager and the JV will receive a share of the profits from the scheme which will now be financed by Ashby. Completion is expected in the summer of 2018.
The building is part of Helical’s mixed use Barts Square development which will deliver a further 35,000 sq ft of office space in two separate buildings, along with over 23,000 sq ft of leisure space, a 236 unit residential element and improvements to the public realm.
Commenting on the sale Helical Bar Director Gerald Kaye said: “This deal with Ashby represents a further milestone at our major Barts Square mixed use development and enables us to deliver a high quality office building in 2018 when there is anticipated to be a shortage of supply in central London. It also allows us to redeploy capital into the final phase of the residential aspect of the scheme.”
Peter Ferrari, Chief Executive of Ashby Capital, added: “The acquisition of One Bartholomew Close, adjacent to our existing holding of 200 Aldersgate, increases our ownership in this fast improving area of the City which will be further enhanced with the completion of Crossrail in 2018.”
The Helical Bar JV was advised by CBRE and Clifford Chance. Savills and Allen & Overy advised Ashby. The joint letting agents will be CBRE, Savills and Ingleby Trice.
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