The acquisition from Nuveen Real Estate was confirmed in a Stock Exchange announcement this morning.

The site on the corner of Charterhouse Street and Farringdon Road has existing planning consent for a building designed by Lifschutz Davidson Sandilands including 192,000 sq ft of offices and ground floor retail.

Demolition has already been undertaken and the site is vacant.

Helical said construction will commence later this year with completion anticipated early in 2022.

Gerald Kaye, Chief Executive of Helical, added: “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, said: “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.”