Mayer Brown has advised Helical Bar Plc, a leading property investment and development company, on an agreement with pension fund clients of Savills Investment Management, to acquire and develop an 80,000 sq ft mixed use scheme.

The 0.5 acre site is located at Drury Lane / Dryden Street in London's Covent Garden area and will be comprehensively redeveloped from its existing office and retail use. Helical Bar intend to submit plans for a residential-led scheme, comprising 70 residential apartments, as well as retail and restaurant space, by September 2015.

Mayer Brown’s global head of the Real Estate group, Jeremy Clay, said: "Covent Garden is a rapidly evolving area and Helical Bar's innovative plans for the development will further improve the location. We were delighted to advise Helical Bar on this exciting scheme."

The Mayer Brown team was led by Jeremy Clay and included Real Estate partner Patricia Jones and senior associate Iain Roberts; Tax Transactions & Consulting partner Sandy Bhogal and senior associate Simon Slade and Litigation – Construction partner Jonathan Olson-Welsh and associate Sebastian Cunningham.

Savills Investment Management was advised by Ashurst.