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A new development at 26–35 Drury Lane and 8–12 Dryden Street has been proposed by long leasehold owner Savills Investment Management and Helical Bar. The development agreement will involve the purchase of the 0.5 acre site by Helical Bar upon granting of planning permission, after which Helical will redevelop the existing buildings into residential apartments and retail and restaurant space. The site is currently occupied and comprises around 65,000 square feet of space, and is situated between Drury Lane and Dryden Street in Covent Garden.
The basement and ground floor retail space will be retained by Savills, amounting to 16,000 square feet of space, and they will also take a profit share of the development.
Savills has owned the site since 1997, during which time the status of the location and the value of the site have both increased significantly. Helical Bar will be purchasing the site for £42 million. Seventy apartments are planned as part of the development, as well as an improved public space. Planning is expected to be submitted by September.
Savills’ director of investment Lucy Winterburn, commented on the deal, ‘We purchased the long leasehold interest in this island site in 1997 when Covent Garden was considered very much a fringe location. During the period of ownership we have seen the market evolve and the location significantly improve. Helical Bar’s plans to redevelop the site are exciting and innovative. Our client’s ability to retain the retail element on completion whilst sharing in residential profit perfectly matches our long term goals for a site that has been a key holding for almost 20 years proving property can be a long game.’
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.