Helical Bar and Crosstree buy Silicon Roundabout portfolio

 
Kasmira Jefford
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HELICAL Bar and Crosstree have snapped up a site on Old Street’s “Silicon Roundabout” for £60.75m, the two property firms announced yesterday.

The pair have exchanged contracts to buy the 3.1 acre site using cash and £30m bank debt.

Crosstree, which is backed by pharmaceuticals billionaire and Alinghi founder Ernesto Bertarelli, will own a 67 per cent stake of the freehold interest with Helical owning the remaining stake.

The site at 207 and 211 Old Street includes two large office buildings let to multiple tenants at a rent of around £2.1m per year, a retail parade and an office block called Empire House, which is vacant.

The developers are working on plans drawn up by architect AHMM to revamp the two large office buildings and build new “incubator” studios to tap into the influx of tech firms looking to move to the area.