Helical Bar and Crosstree are close to securing a giant development opportunity at 207 Old Street, EC1.
The parties are in advanced negotiations to acquire the 3.12 acre site from a Jersey-based special-purpose vehicle.
Savills and CBRE are advising on the sale, quoting a guide price of around £65m.
Helical and Crosstree’s bid, thought to be around £63m, saw off fierce competition from a wide range of bidders including Westbrook, Allied and Aerium, Resolution and British Land.
The site consists of three office buildings, a stand-alone retail unit and a retail parade with residential flats above, plus 118 car parking spaces.
Of the three offices, building A, or 207 Old Street, is the largest at 114,944 sq ft. Building B, or 211 Old Street, totals 95,929 sq ft while Building D, or Empire House, features 20,544 sq ft. Building C, the retail parade and stand alone retail unit, totals 55,190 sq ft.
The site has a current passing rent of £2.95m per annum, reflecting a low overall passing rent of £10.26 per sq ft.
Construction company Amec Group accounts for over 45% of the rent passing.
The site 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 bringing in retail elements.
The site was previously owned by Great Portland Estates, which sold it to the Bard family and Nick Leslau for £21m in 1999.
Frogmore acquired it for £45m five years ago before selling it on to the offshore company, with the help of Israeli investor Gill Levy.
All parties declined to comment.
jack.sidders@estatesgazette.com
