Helical and AshbyCapital have acquired a major development site in Farringdon in a 50:50 joint venture.

The JV partners have bought the site, located on the corner of Charterhouse Street and Farringdon Road, from private clients of Nuveen Real Estate.

The site has existing planning consent for a 192,000 sq ft office with ground floor retail. Demolition has already been undertaken and the site is vacant.

Construction will commence later this year with completion anticipated early in 2022.

The new building will feature floor plates of 20,000 sq ft.

Gerald Kaye, chief executive of Helical, said: “We are big fans of the Farringdon area, which attracts a broad spectrum of occupiers and benefits from superior transport links. We have achieved considerable success in the area to date and are very pleased to be acquiring a further opportunity to add to our grade A office portfolio of Barts Square, The Kaleidoscope above Farringdon East Crossrail Station and 25 Charterhouse Square.”

Peter Ferrari, chief executive of AshbyCapital, added: “This joint venture builds on the success of One Bartholomew, our 221,000 sq ft building which Helical developed for us and which is already two thirds let within five months of completion.”

Clive Castle, director of offices at Nuveen Real Estate commented: “Since our first involvement with this site in 2010, it has been our desire to create an exceptional piece of real estate aligned to where occupier requirements are moving. The location is second to none and it has been our pleasure to work with a talented design team and the City Corporation to work up the scheme.”

CBRE advised Nuveen.