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Helical Bar Sells City Development

LONDON-Helical Bar has forward sold its development at 3 Bunhill Row, London EC1.

By Graham Parker | Updated on June 21, 2001

LONDON-Helical Bar has forward sold its development at 3 Bunhill Row, London EC1 for £63.5 million ($88 million) , reflecting a yield of 6.65% to a limited partnership formed by Matrix Securities. The development, which is due for completion in December 2002, will provide 99,000 sf of offices.

The law firm Linklaters has already pre-let the lower five floors of the eight-storey building, and it is in negotiations to lease the remaining space on the 5th, 6th & 7th floors. To allow the investment deal to proceed, Helical Bar has agreed to underwrite the rental payments on the top three floors until they are let should Linklaters decide not to occupy the space.

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