Helical and AshbyCapital have joined forces to acquire, in a 50:50 joint venture, the Charterhouse Place development site on the corner of Charterhouse Street and Farringdon Road in London. The vendors were private clients of Nuveen Real Estate.
The site comes with planning permission for a £110m building designed by Lifschutz Davidson Sandilands for 192,000 sq ft of offices and ground floor retail. Demolition has already been completed and the site is vacant.
Helical said that construction will now start later this year, with completion anticipated early in 2022. The new building will have floor plates of around 20,000 sq ft and will be just 100 metres from Farringdon station.
Helical chief executive Gerald Kaye said: "We are big fans of the Farringdon area, which attracts a broad spectrum of occupiers and benefits from superior transport links. We have achieved considerable success in the area to date and are very pleased to be acquiring a further opportunity to add to our Grade A office portfolio of Barts Square, The Kaleidoscope above Farringdon East Crossrail Station and 25 Charterhouse Square."
Peter Ferrari, chief executive of AshbyCapital, added: "We are very pleased to be working with the Helical team again on this exceptional development opportunity. This joint venture builds on the success of One Bartholomew, our 221,000 sq ft building which Helical developed for us and which is already two thirds let within five months of completion."