Helical Bar is to bring forward the development of its Covent Garden site following an agreement with clients of Savills Investment Management.
Helical Bar will purchase the site for £42m and oversee the development of the site with the co-operation of pension fund clients of Savills IM.
The company will work up plans for an 80,000 sq ft scheme of residential, office and retail space at 26-35 Drury Lane and 8-12 Dryden Street, WC2, and submit these for planning approval by September.
The scheme will comprise a block of 70 flats and retail and restaurant space.
The pension fund will take ownership of the 16,000 sq ft of basement and ground floor retail space and take a share of the profits of the completed scheme.
Savills bought the long leasehold of the site in 1997.
