UK-listed property firm Helical and real estate advisory business AshbyCapital have acquired a significant development site in London's Farringdon district in a 50:50 joint venture.
Financial details were not disclosed.
Purchased from private clients of Nuveen Real Estate, the site is situated on the corner of Charterhouse Street and Farringdon Road, and has an existing planning consent for a mixed-use development.
The approved scheme, designed by architects Lifschutz Davidson Sandilands comprises 192,000 ft2 (17,800 m2) of offices and ground floor retail. Demolition has already been undertaken and the site is vacant, according to Helical.
'We are big fans of the Farringdon area, which attracts a broad spectrum of occupiers and benefits from superior transport links,' said Gerald Kaye, chief executive of Helical.
'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: 'This joint venture builds on the success of One Bartholomew, our 221,000 ft2 building which Helical developed for us and which is already two thirds let within five months of completion.'
Construction will commence later this year with completion anticipated early in 2022.
CBRE advised the vendor.
