Out-Law News

Helical and HOOPP enter deal for 17-storey EC3 office scheme

Developer Helical Bar and the Healthcare of Ontario Pension Plan Trust (HOOPP) have entered a joint venture agreement for the redevelopment of Creechurch Place in the City of London.

The scheme, which was previously known as 'Mitre Square', includes the construction of a 17-storey building to comprise 271,000 square feet of office space as well as shops on the ground floor. The former buildings on the site have been demolished.

Under the terms of the agreement, the scheme will be funded by HOOPP and Helical Bar on a 90 to 10 split. Helical Bar will act as the development manager for the project.

"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," said Helical Bar director Gerald Kaye in a statement.

"This is an important deal for the City and confirms that London continues to attract major international investors," said the City of London Corporation's Property Investment Board chairman Michael Cassidy. "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," he said.

Construction on the scheme is expected to start "shortly" and to complete by the end of 2016.

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