Business
Helical disposes of Power Road Studios, Chiswick
Helical disposes of Power Road Studios, Chiswick.
About this update from Helical Plc
[{"type":"text","content":"\n \n \n RNS Number : 2515E\n Helical PLC\n 27 February 2020\n \n \n \n \n \n \n \n 27 February 2020\n \n HELICAL PLC\n ('Helical'/ 'the Company')\n \n HELICAL DISPOSES OF POWER ROAD STUDIOS, CHISWICK, FOR £41.58 MILLION\n \n Helical plc, one of London's leading property developers, has sold Power Road Studios, a multi-let office campus in Chiswick, W4, to a private UK Investment Manager, for £41.58 million. The sale price marginally exceeds the 31 March 2019 valuation and reflects a net initial yield of 4.8%.\n \n Originally built in the 1930s as a Singer sewing machine factory, Power Road Studios provides 57,164 sq ft of innovative workspace set over four distinctive studio buildings. It is currently 84% let to a diverse range of occupiers, generating a contracted rent of £2.15 million per annum.\n \n The site was acquired by Helical in 2015, who have since undertaken a rolling refurbishment of the property that includes the development of a new main entrance as well as improvements to the communal areas.\n \n Planning permission has been granted for the construction of a new 30,000 sq ft building: a 13,000 sq ft roof extension to Studio 1; and an occupiers' amenity block to provide additional bicycle storage and changing facilities.\n \n \n Tom Anderson, Senior Investment Executive at Helical, commented: \"This disposal is in line with our clear strategy of selling non-core assets and realising proceeds which we can recycle into new value add and development opportunities in our core central London markets.\" \n \n Helical was advised by TT&G Partners and the buyer by Michael Elliott.\n \n \n www.powerroadstudios.co.uk\n \n \n For further information please contact:\n \n Helical\n Gerald Kaye/Tim Murphy\n Tel: 020 7629 0113\n \n FTI Consulting\n Dido Laurimore/Richard Gotla/Andrew Davis\n Tel: 020 3727 1000\n [email protected]\n \n \n \n This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.\n END\n ...