Helical buys EC4 office for £160m

Helical has bought 100 New Bridge Street, EC4, for £160m. The 167,000 sq ft office building, which was built in 1992, is held on a 999-year peppercorn lease from National Rail. It is currently let for £7.3m pa to law firm Baker McKenzie, including the ground-floor shops. Helical intends a major refurbishment once the lease expires in December 2023. Chief executive Gerald Kaye said: “The acquisition of 100 New Bridge Street provides us with the opportunity to carry out a major refurbishment, which will have less impact on the environment than a ground-up development, and which we will be able to deliver more quickly. We expect this to involve recladding the elevations and incorporating the latest technology as well as high-quality tenant amenities to create a new best-in-class grade-A office building, which will operate to the highest standards of sustainability.” The London office specialist acquired the building by buying out the Guernsey-incorporated single-asset company of the same name in cash. The purchase will have to be approved at its next AGM. Edward Fairweather, partner at Knight Frank, said: “We were asked to undertake a discrete sale of 100 New Bridge Street on behalf of the vendor. They are delighted to have transacted with Helical, who have performed at every turn.” The vendor was advised by Knight Frank and Dentons; Helical was advised by Clifford Chance and Ingleby Trice. View leasing activity on New Bridge Street >>  To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews