Helical Bar has entered into a joint venture (JV) agreement with HOOPP (Healthcare of Ontario Pension Plan Trust Fund) to redevelop Creechurch Place, London, EC3.
The new building, situated in the City of London, will comprise 271,000 sq ft NIA of offices set across 17 floors and 2,000 sq ft of retail space on the ground floor.
Demolition to ground level has already been completed and the project, which will be built by Skanska, is due to be started shortly and is expected to be complete by Q4 2016.
Under the terms of the JV, HOOPP and Helical Bar will jointly fund the project on a 90:10 split, with Helical Bar acting as development manager, for which it will receive a promote payment depending upon the successful outcome.
This agreement also enables the City of London Corporation to grant a new long lease to the JV company.
Gerald Kaye, director of Helical Bar, says: “We are pleased to be working with HOOPP on this exciting development in the heart of the insurance district in the City and we believe the building is well placed to capitalise on the continued demand in the area for high quality office space.”
Jeff Wendling, chief investment officer of HOOPP, says: “We are delighted to be working with Helical Bar on Creechurch Place as part of our expanding UK platform, which includes our successful partnership with The Crown Estate in the development of St James’s Gateway, Piccadilly; and our co-venture with Verdion in the industrial sector.”
Michael Cassidy, chairman of the City of London Corporation’s property investment board, says: “This is an important deal for the City and confirms that London continues to attract major international investors. This redevelopment will help to ensure that occupiers from home and abroad can house their employees in new office space in the heart of London’s financial centre, while also creating a vibrant retail offer and usable open space.”
HOOPP was advised by Cushman & Wakefield, Helical Bar by Savills and Ingleby Trice, and City of London by Jones Lang LaSalle.