Buildington
Open database of new property developments & buildings in London, UK.
C Space at 37-45 City Road office building in London EC1; screen capture from cspacelondon.co.uk

C Space at 37-45 City Road office building in London EC1; screen capture from cspacelondon.co.uk

15.11.2017

37-45 City Road

Address:
37-45 City Road, London EC1Y 1AT
Type:
Commercial
Offices:
1
Viewed:
1452

Description of 37-45 City Road

C Space at 37-45 City Road is an office building in London EC1.

History

2017 - Helical exchanged contracts on 10 November 2017 for the sale of the building at £74m, marginally above its 31 March 2017 value book, with completion in December 2017.

2016 - The remaining space was let to NeuLion in November 2016. C-Space was winner of the Architects Journal Retrofit award for Offices over 2,000m² as well as winner of Commercial Building of the Year at the Schueco Excellence Awards in 2016. The scheme was also finalist in the 2016 BCO Awards as well as the 2016 RICS Awards for Commercial Building of the Year.

2015 - The works were completed in October 2015. These involved an additional floor and extensions to the third floor, a landscaped courtyard and entrance pavilion to the rear and full height glazing to the raised ground floor. 75% of the space was pre-let to the creative agency MullenLowe in June 2015.

2013 - Helical acquired C-Space in June 2013. Planning consent was obtained for a complete refurbishment of the building which increased the previous 50,000 sq ft office building to 61,973 sq ft.

Connected Companies

Developer:
Architect:

News: (1)

Helical plc has exchanged contracts on the sale of C-Space, the award-winning office scheme at 37-45 City Road, Shoreditch, London, EC1 to Meadow London Core-Plus Fund LP, for £74m reflecting a net initial yield of 4.6%.

A former carpet factory, Helical acquired the building in June 2013, obtaining planning consent for its complete refurbishment to increase the floor space from 50,000 sq ft to 63,500 sq ft. The works, which were completed in October 2015, involved an additional floor and extensions to the third floor, a landscaped courtyard and entrance pavilion to the rear and full height glazing to the raised ground floor, adding considerable value to the scheme.

The building has proved to be highly attractive to the creative industries, with 75% of the space let to creative agency, MullenLowe and 25% to NeuLion, a technology product and service provider. The combined leases have a WAULT in excess of 12 years to lease expiry.

Matthew Bonning-Snook, Helical's Property Director, said: "The acquisition, refurbishment and now disposal of C-Space is a great case study illustrating what Helical does best, applying imagination to ordinary buildings to create beautiful, contemporary workspace whilst generating significant shareholder value. Proceeds from the disposal will go towards reducing gearing levels."

Mike Tremayne, a Principal at Meadow Partners, added: ''We are delighted to have acquired this award-winning and iconic office building, providing the Fund exposure to London's highly dynamic 'tech-belt' and creative submarket. The yield arbitrage to the City prime will ensure long-term performance and complement our growing investment platform. This transaction, which is now the eighth acquisition for the Fund since its inception in 2014, exchanged in an exceptionally tight timeframe, and fully endorses our exemplary track record for highly swift and efficient deal execution.''

Hall Kemp and Savills acted for Helical plc and Cushman & Wakefield acted for Meadow Partners.

15/11/2017 08:15 by Buildington

*DISCLAIMER! Information on this page is for guidance only and remains subject to change. Buildington does not sell or let this property. For more information about this property please register your interest on the original website or get in touch with the Connected Companies.

New London developments on Buildington - monthly update

Buildings