Helical Bar has entered a joint venture agreement with the Healthcare of Ontario Pension Plan Trust Fund to redevelop Creechurch Place in the City, EC3.
The redevelopment will deliver a 17-storey, 271,000 sq ft office-led block with 2,000 sq ft of retail on the ground floor at 1 Mitre Square .
HOOPP and Helical Bar will jointly fund the project on a 90:10 split, with the latter acting as development manager, for which it will receive a promote payment depending upon the successful outcome.
The agreement enables the City of London Corporation to grant a new long lease to the jv company.
Michael Cassidy, chairman of the City of London Corporation’s property investment board, said: “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.”
The scheme is expected to complete by the end of Q4 2016.
Cushman & Wakefield advised HOOPP; Savills and Ingleby Trice acted for Helical Bar; JLL represented City of London.
joanna.bourke@estatesgazette.com
