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LONDON (Alliance News) - Property developer Helical Bar PLC on Tuesday said it has signed a development deal with Corporate Pension Fund clients of Savills Investment Management to bring forward their long leasehold interest in two sites in London's Covent Garden.
The leasehold interests cover 26-35 Drury Lane and 8-12 Dryden Street in the central London area.
Helical will work on plans with a view to submitting a planning application by September for an 80,000 square foot, mixed-use scheme at the site.
Helical will buy the site for GBP42 million and will handle the development of the scheme.
"We are pleased to have been selected as development partner and look forward to working with Savills Investment Management to deliver what will be an exciting mixed use development," said Oliver Rippier, Helical Bar development executive.
Shares in Helical were up 1.1% to 420.00 pence in opening trade on Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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