Construction Enquirer News Confidence boost for London market as main contractor due to be appointed shortly

The London office market received a much-needed confidence boost this morning with a £140m funding deal unveiled for an 11-storey scheme in Farringdon.

Developers Helical and AshbyCapital have secured a £140m facility to finance the development of 33 Charterhouse Street from Allianz.

The site is adjacent to Farringdon Station on the Elizabeth Line and has planning permission for the development of 200,000 sq ft of office space.

Keltbray has carried-out demolition work on the site which has been on hold since the Covid-19 lockdown.

A design and build contract will now be be signed shortly with a main contractor with work targeted to complete in Summer 2022.

Tim Murphy, Finance Director of Helical, said: “We are pleased to have arranged this facility with Allianz, a new lender to Helical, particularly during the current uncertainty created by Covid-19.

“We look forward to working with them over the coming years as we set to work on delivering this exciting development opportunity.”

Roland Fuchs, Head of European Real Estate Finance for Allianz Real Estate, commented: “We remain convinced that high-quality, future-thinking and best-connected office schemes in global cities such as London will continue to represent attractive financing opportunities for our investors.

“This, in combination with one of the most exciting submarkets in London and profoundly experienced project partners, amounted to an appealing debt investment story for Allianz.”

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