Helical Bar boosts tenancy at Churchgate & Lee

Helical Bar has secured its first deal at Churchgate & Lee House since acquiring the buildings less than six weeks ago, with existing tenant Economic Solutions taking an additional 11,000 sq ft on a 10-year lease.

Helical Bar acquired Churchgate & Lee House in March for £34m from a joint venture between Angelo Gordon and Dunedin Property, who acquired the properties in 2012 for a reported £23m. The off-market deal reflected a net initial yield of 5.7%.

Churchgate & Lee House are situated on the corner of Oxford Street and Great Bridgewater Street and provide a total of 250,000 sq ft of office accommodation.

Economic Solutions is a not-for-profit group which provides training and recruitment as part of a partnership with the Chamber of Commerce, the Association of Greater Manchester Authorities, and MIDAS.

Duncan Walker, investment director at Helical Bar, said: "We are committed to working with our tenants to accommodate their occupational requirements in the most efficient way possible. Work on the new reception and coffee shop is complete and this has transformed the building, creating an interactive space for the tenants and an impressive entrance to the building."

OBI and CBRE have been appointed as the joint letting agents on the buildings.

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