Business
Sale of Shopping Centre
Sale of Shopping Centre.
About this update from Helical Plc
[{"type":"text","content":"\n Helical Bar PLC\n28 February 2007\n\n\n\n\n\n28 February 2007\n\n\n HELICAL BAR PLC\n\n HELICAL BAR SELLS GARDEN SQUARE SHOPPING CENTRE IN LETCHWORTH\n\n\nHelical Bar has sold its leasehold interest at the Garden Shopping Centre in\nLetchworth to Vale Retail, in joint venture with Tyburn Lane Private Equity, for\n£37.55 million reflecting a net initial yield of 4.3% and an equivalent yield of\n5.9%.\n\nThe 164,740 sq ft (15,305 sq m), open format shopping centre is arranged over\none trading level and located in a prime pitch area with main entrances onto\nLeys Avenue and Eastcheap. Key anchor tenants include Marks & Spencer Simply\nFood, Woolworths, Iceland and Peacocks and the passing zone A rental values\nrange between £22 and £67.25 per sq ft (£237 and £724 per sq m).\n\nHelical will reinvest the proceeds from the sale in a variety of new\ntransactions.\n\nHelical has obtained planning consent for a variety of asset management and\ndevelopment opportunities within the scheme which the new purchasers intend to\nexploit, including the conversion of a vacant office building to create 31\napartments.\n\nSavills acted for Helical Bar whilst Tyburn Vale, the JV purchaser, was\nrepresented by Capital Retail.\n\n -ENDS-\n\n\nFor further information, please contact:\n\n\nHelical Bar plc\nMichael Brown Tel: 0207 629 0113\n\n\nFinancial Dynamics\nDido Laurimore Tel: 020 7831 3113\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","length":1807,"tagName":"div"}]