Helical Bar has forward sold the incomplete office 99 Clifton Street in Shoreditch to UBS Triton for £38.25 mln (€49 mln), less than a year after buying it for £21 mln.
Helical Bar has forward sold the incomplete office 99 Clifton Street in Shoreditch to UBS Triton for £38.25 mln (€49 mln), less than a year after buying it for £21 mln.
Helical agreed to buy the 3,994 m2 freehold office for £21 mln in November 2013. It has since worked with the developer to revise planning consent and fit the site to the area’s tech firms.
Helical secured the development with a £1 mln deposit, which has been reimbursed by UBS Triton and the building is due for completion in the summer of 2015.
Duncan Walker, investment director at Helical, said, ‘the Shoreditch office market is benefitting from strong occupational and investment demand, as demonstrated by this successful transaction, which de-risks Helical’s involvement. We anticipate crystallising a significant profit upon practical completion of the building. We still have substantial exposure to this market, in which we strongly believe, with The Bower in Old Street and C-Space (Maple House).’