Business
HELICAL ACQUIRES MANCHESTER OFFICE FOR £12.9M
HELICAL ACQUIRES MANCHESTER OFFICE FOR £12.9M.
About this update from Helical Plc
[{"type":"text","content":"\n \nRNS Number : 1948F Helical PLC 16 May 2017 \n\n16 May 2017\nHELICAL PLC \n('Helical'/ 'the Company')\nHELICAL ACQUIRES MANCHESTER OFFICE BUILDING FOR £12.9 MILLION\nHelical plc is pleased to announce it has completed the acquisition of Trinity Court, a 47,500 sq ft office building in Manchester City Centre, for £12.9 million, from Ardstone Capital, reflecting a net initial yield of 9.25%. This is the fourth building in Helical's Manchester portfolio, as it looks to utilise its on the ground experience and successful track record to take advantage of the supply demand imbalance for well-located Grade A office space in the City Centre.\nLocated on John Dalton Street, between Spinningfields and the historical centre, Trinity Court is across seven floors and was originally developed in 1992 behind a 19th century façade. The office space is currently 100% let to Squire Patton Boggs, with one year remaining on the lease.\nFollowing the tenant's vacation, Helical will undertake a significant refurbishment and extension programme to deliver institutional quality modern office space, to meet the growing demand in central Manchester by an increasingly diverse mix of occupiers.\nThe building also includes two small retail units, totalling c. 4,000 sq ft, let until 2018, and Helical will undertake some small refurbishment work which will deliver attractive annual rental uplift on completion.\nWill Parry, Asset Management Executive at Helical, commented: \"This off-market transaction further complements our existing portfolio in Manchester, where occupier demand for well-located, good-quality assets in the centre remains strong. The supply of Grade-A space is currently near an all-time low and there is a limited development pipeline, so Trinity Square represents an exciting proposition for us.\n\"Capitalising on these positive market dynamics, the asset is in an area that is undergoing significant transformation and offers attractive reversionary potential following the capital expenditure programme, as rents in the area start to reflect the quality of local occupiers.\"\nHelical was advised by Commercial Properties.\nFor further information please contact:\n\n\n\n\nHelical \n\n\n\n\n\n\n\nDuncan Walker/Tim Murphy \n\n\nTel: 020 7629 0113\n\n\n\n\n\n\n\n\n\n\n\n\nFTI Consulting\n\n\n\n\n\n\n\nDido Laurimore/Tom Gough/Richard Gotla...