Helical sells C-Space in Shoreditch for £74m

Helical plc has announced its exchanging of contracts on the sale of C-Space, an office scheme at 37-45 City Road, Shoreditch, EC1.

It has been purchased by Meadow London Core-Plus Fund LP, for £74m, which reflects a net initial yield of 4.6 per cent.

Originally a former carpet factory, Helical acquired this building in June 2013, obtaining consent for complete refurbishment to maximise floor space from 50,000 sq ft to 63,500 sq ft.

Matthew Bonning-Snook, Helical’s property director, commented: “The acquisition, refurbishment and now disposal of C-Space is a great case study illustrating what Helical does best…

“Proceeds from the disposal will go towards reducing gearing levels.”

The works, which were completed in October 2015, involved an additional floor and extensions to the third floor, a landscaped courtyard and entrance pavilion to the rear, as well as full height glazing to the raised ground floor.

Over half (75 per cent) of the space has been let to creative agency, MullenLowe, with 25 per cent going to NeuLion, a technology product and service provider.

The combined leases have a WAULT in excess of 12 years to lease expiry.

Mike Tremayne, a principal at Meadow Partners, added: ’‘We are delighted to have acquired this award-winning office building, providing the fund exposure to London’s highly dynamic ‘tech-belt’ and creative submarket.

“This transaction, which is now the eighth acquisition for the fund since its inception in 2014, exchanged in an exceptionally tight timeframe, and fully endorses our track record for swift and efficient deal execution.’’

Hall Kemp and Savills acted for Helical plc and Cushman & Wakefield acted for Meadow Partners.