Helical Bar PLC
16 May 2000
HELICAL BAR PLC
Helical Bar plc has sold CBXII and Midsummer Court, Milton
Keynes to Henderson Investors acting on behalf of National
Provident Life for £26 million. Helical, in a 75:25 joint
venture with Milton Keynes developers Abbeygate Developments,
acquired CBXII from the New Towns Commission in December 1998.
They subsequently constructed a multi-storey car park and
Midsummer Court, an office building with ground floor leisure
space which was 90% let by floor area on practical completion
last month. The complex has a total net lettable area of
152,000 sq. ft. and produces a passing rent of £1,822,828.
The transaction shows the purchaser a net initial yield of
6.6% but with reversionary potential. Helical will use the
disposal proceeds to reduce borrowings.
Contact: Michael Brown, Investment Director, Helical Bar plc
Tel:020 7629 0113