London-listed property company Helical Bar has completed the acquisition of a multi-let office building on the eastern edge of the City in East London.
London-listed property company Helical Bar has completed the acquisition of a multi-let office building on the eastern edge of the City in East London.
The property, known as New Loom House, was acquired for around £35 mln (€40 mln) from a UK-based private company in a transaction representing a net initial yield of just under 5%.
Helical Bar said the acquisition will be funded from existing resources.
New Loom House is a multi-let, listed Victorian ‘warehouse’ style office building that provides around 10,400 m2 of office and storage space over five floors.
Helical will undertake a phased refurbishment of the building to re-position it so that it appeals to occupiers from the creative industries prevalent in the increasingly popular ‘Tech Belt’ that runs from Old Street through Shoreditch and down to Whitechapel.
The area surrounding New Loom House is set to benefit over time from significant local residential development, as well as the delivery of Crossrail to Whitechapel in 2017.
Pilcher Hershman advised Helical Bar and CBRE and Richard Susskind & Co advised the vendor.
