Last checked at 14 Jul 2015 07:00
14th July 2015
Helical Bar plc ("Helical Bar" or the "Company")
HELICAL BRINGS FORWARD REDEVELOPMENT OF COVENT GARDEN SCHEME
Helical Bar has entered into a development agreement with Corporate Pension Fund clients of Savills Investment Management (formerly Cordea Savills), to bring forward the redevelopment of their long leasehold interest in 26-35 Drury Lane & 8-12 Dryden Street, London, WC2.
Helical will work up plans with a view to submitting a planning application by September for an 80,000 sq ft (NIA), mixed use scheme. On grant of planning, Helical will purchase the site for an agreed price of £42m and undertake the development of the scheme. Upon the completion of the development, the Pension Fund will receive a profit share and retain ownership of the basement and ground floor retail space comprising a total of 16,000 sq ft.
Located between Drury Lane and Dryden Street, the 0.5 acre site currently comprises c.65,000 sq ft of office and retail space. The proposed plans will involve a full redevelopment of the existing buildings, to create a residential led scheme comprising 70 residential apartments, as well as retail and restaurant space, and improved public realm.
Benefiting from a prime central London location and extensive public transport links, the site is well placed to capitalise on end user demand within the vicinity.
Lucy Winterburn, Director of Investment, Savills Investment Management, said: "We purchased the long leasehold interest in this island site in 1997 when Covent Garden was considered very much a fringe location. During the period of ownership we have seen the market evolve and the location significantly improve. Helical Bar's plans to redevelop the site are exciting and innovative. Our client's ability to retain the retail element on completion whilst sharing in residential profit perfectly matches our long term goals for a site that has been a key holding for almost 20 years proving property can be a long game."
Oliver Rippier, Development Executive at Helical Bar, added: "We are pleased to have been selected as development partner and look forward to working with Savills Investment Management to deliver what will be an exciting mixed use development. The scheme will be an important addition to the rapidly evolving Covent Garden area and complement our other central London projects such as Barts Square, EC1 and The Bower, EC1."
Helical were advised by Cushman & Wakefield. Savills Investment Management were advised by Savills.
For further information, please contact:
Helical Bar plc Tim Murphy / Oliver Rippier
|
020 7629 0113 |
FTI Consulting Dido Laurimore / Tom Gough / Clare Glynn
| 020 3727 1000
|
Notes to editors
Savills Investment Management (Formerly Cordea Savills)
· Savills Investment Management is an international property investment manager with offices in Copenhagen, Düsseldorf, Hamburg, Hong Kong, London, Luxembourg, Milan, Munich, Paris, Singapore, Stockholm and Tokyo
· As at 31 March 2015, Savills Investment Management managed a total of c.€7.8 billion of assets
· Savills Investment Management is the brand name for entities in the Savills Investment Management group, including Savills Investment Management LLP, Savills Investment Management (UK) Ltd, Cordea Savills Investment Management (Luxembourg) Sàrl, Cordea Savills Fund Managers (Jersey) Limited, Savills Investment Management SGR SpA, Cordea Savills GmbH, Savills Investment Management AB, Savills Investment Management SAS and Cordea Savills Invest GmbH
· Savills Investment Management LLP is a limited liability partnership registered in England No: OC306423