Helical Bar Builds Farrington Ambitions With Acquisition Of 23-28 Charterhouse Square, EC1
Helical Bar has exchanged contracts to purchase a new long leasehold interest in 23 - 28 Charterhouse Square, London, EC1 from the Governors of Sutton's Hospital in Charterhouse (Charterhouse). The purchase follows Charterhouse obtaining the early surrender of the existing long lease to Royal Bank of Scotland. Helical is paying £16m for the new 155 year lease and Charterhouse will benefit from a ground rent based on the rental income received.
Helical plans to carry out a major refurbishment of the existing building, which currently comprises circa 34,000 sq ft NIA, increasing the floor area to circa 42,000 sq ft NIA. Royal Bank of Scotland, the current tenant, is due to vacate the property at the end of this year, allowing Helical to start on site with a view to delivering the completed building in Q1 2017.
Charterhouse is planning a major upgrade to Charterhouse Square which is part of its plans for "Revealing the Charterhouse" to provide a visitor centre and museum to its own Grade I listed Charterhouse buildings.
RBS was advised by DTZ on the surrender of the existing lease. Charterhouse was advised throughout by Ingleby Trice. Helical were unadvised.
Gerald Kaye, Director of Helical Bar, says:
"This is another attractive refurbishment opportunity in the exciting EC1 area adjacent to the Farringdon East Crossrail Station and overlooking Charterhouse Square. We are very pleased to have secured this opportunity, which complements our activities at nearby Barts Square, and which plays strongly to Helical's development skills."
Charlie Hobson, Master of Charterhouse says:
"Charterhouse is delighted to be working with Helical Bar and the refurbishment of this building will improve the area around Charterhouse Square for the benefit of our "Revealing the Charterhouse" project."