Helical plc, a UK real estate investment trust (REIT) specialising in the redevelopment and refurbishment of highly sustainable, best-in-class London office buildings together with its joint venture partner Baupost Group, has exchanged contracts to sell 55 Bartholomew Close to a private European investor for £16.5m. The sale price reflects a net initial yield of 4.5% and represents a premium to book value, net of rental top ups.


Originally three Victorian townhouses, the building was comprehensively refurbished to provide 10,976 sq ft of office space, over ground and five upper floors. It is let to five office tenants at an average rent of £72.17 psf, and currently has one vacant floor.
Delivering BREEAM Excellent, bike storage and shower facilities, the property offers contemporary office space with finishes that complement the heritage of the building.
Tom Anderson, Senior Investment Executive of Helical, commented: “This sale reinforces the attraction of good quality London real estate for international capital as well as demonstrating our ability to reposition and repurpose assets to deliver best in class buildings. The proceeds will be recycled into new value add opportunities where we can provide high quality sustainable buildings that meet the occupational markets demands.”


The Helical and Baupost joint venture acquired Bartholomew Close in 2011 and redeveloped the area in three phases. Later christened Barts Square, the scheme sits on a three-acre site located between St Paul’s and Smithfield. The mixed use development comprises 236 high quality apartments, circa 250,000 sq ft of office space over three buildings and 10 retail and restaurant units. It is a short walk from the new Farringdon East Elizabeth Line (Crossrail) station.
Helical was advised by Fineman Ross and Ingleby Trice. The buyer was advised by RX London and Tenigla.