Helical Bar and Crosstree Real Estate Partners are close to securing a major development opportunity at 207 Old Street, EC1.
The pair are in advanced negotiations to buy the 3.12-acre site from a Jersey-based special-purpose vehicle for around £63m.
They are understood to have seen off competition from bidders including Westbrook Partners, Allied London with Aerium, Resolution and British Land.
The site currently consists of three office buildings of 115,000 sq ft, 96,000 sq ft and 20,500 sq ft, 55,000 sq ft of shops and 118 car parking spaces. It has a passing rent of £2.95m pa, with construction company Amec Group accounting for more than 45% of the income.
The property was marketed as a substantial redevelopment opportunity, with vacant possession of the offices possible within nine months.
However, Helical and Crosstree are expected to pursue alternative asset management opportunities, including refurbishing office space and reconfiguring the public realm and car park with a view to expanding the retail offer.
Savills and CBRE are advising on the sale. All parties declined to comment.
