Helical Bar has completed the purchase of a 6,500 m2 office building near the Google Campus project in London as part of a 'tech city' strategy.
Helical Bar has completed the purchase of a 6,500 m2 office building near the Google Campus project in London as part of a 'tech city' strategy.
The London-listed property company acquired Maple House from a private family trust for £17.5 mln (€20.5 mln).
Maple House is located on 37-45 City Road, London EC1, just south of ‘Silicon roundabout’ and close to Google’s Campus initiative.
The building is currently let to Reuters, but Helical Bar will obtain vacant possession in October. Hall Kemp advised the vendors who are a private family trust. Helical was not represented.
Helical Bar intends to carry out a refurbishment to remodel and reposition the building to appeal to creative technology companies prevalent in this area. The plan is to deliver the building within a short timetable, capitalising on the current strong occupational demand.
The acquisition followed Helical Bar’s closing of its first retail bond, which has seen the company raise £80 mln, enabling it to further diversify its funding sources.
