Helical Bar PLC
24 September 2004
24 September 2004
Helical Bar plc ('Helical Bar')
HELICAL BAR ANNOUNCES TWO DEALS IN MILTON KEYNES WITH LOCAL PARTNER ABBEYGATE
DEVELOPMENTS
Helical Bar announces today that is has secured forward funding from an
investment client of Arlington Property Investors ('API') for the development of
an 80,000 sq ft retail warehouse on Childs Way, Winterhill, Milton Keynes. The
property will have an end value of £24.5 million representing an initial yield
of 5.7%. The retail warehouse, which is being developed in a joint venture with
Abbeygate Developments, has been pre let to Homebase Ltd on a 25 year FRI lease
at a rent of £17.75 per sq ft. Practical completion is scheduled for June 2005.
Helical and Abbeygate have also been selected by the Milton Keynes Partnership
Committee (English Partnerships and Milton Keynes Council) to bring forward for
development a 2.6 hectare site between Avebury Boulevard and Childs Way, known
as C4.1. The landmark development will comprise a new 110,000 sq ft Sainsbury's
food store with 400 residential units together with small-scale commercial units
and community space. A planning application will be submitted later this year
with a forecast start on site in 2005.
-ENDS-
For further information, please contact:
Helical Bar Tel: 020 7629 0113
Michael Brown
Financial Dynamics Tel: 020 7831 3113
Stephanie Highett/Dido Laurimore
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