Two property investment companies have teamed up to purchase a landmark known as the ‘silicon roundabout’ in a deal worth Â£60.75 million.
Contracts have been exchanged in a deal which will see Helical Bar and Crosstree purchase the 3.12 acre site nearby the Old Street Roundabout in London.
The investment will be funded by a combination of cash plus a bank debt of Â£30m as the pair look to capitalise on the site located in an area which is going through somewhat of a regeneration at present – attracting attention from both domestic and international technology and creative sectors.
Helical is set to have a 33% economic interest in the purchase with Crosstree, backed by pharmaceuticals billionaire and Alinghi founder Ernesto Bertarelli, owning the larger 67% stake in the freehold interest.
The site located at 207 and 211 Old Street currently include two large office buildings, as well as a retail parade and an office block known as Empire House, which is currently vacant. In total the four buildings offer around 287,000 square feet for the firms to develop into prime London office space.
Architects AHMM have been called in to work proposals that will see the refurbishment of the current office buildings and the creation of new ‘incubator’ studios.
Helical Bar development director, Gerald Kaye, said: “This is an extremely exciting opportunity for us to make our mark in a fast improving area on the edge of the City of London.
“Crosstree and ourselves will be working closely with AHMM to develop the existing site into a comprehensive, dynamic scheme with creative thinking at its heart to attract the burgeoning number of TMT businesses.”
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