Helical Bar PLC
28 February 2007
28 February 2007
HELICAL BAR PLC
HELICAL BAR SELLS GARDEN SQUARE SHOPPING CENTRE IN LETCHWORTH
Helical Bar has sold its leasehold interest at the Garden Shopping Centre in
Letchworth to Vale Retail, in joint venture with Tyburn Lane Private Equity, for
£37.55 million reflecting a net initial yield of 4.3% and an equivalent yield of
5.9%.
The 164,740 sq ft (15,305 sq m), open format shopping centre is arranged over
one trading level and located in a prime pitch area with main entrances onto
Leys Avenue and Eastcheap. Key anchor tenants include Marks & Spencer Simply
Food, Woolworths, Iceland and Peacocks and the passing zone A rental values
range between £22 and £67.25 per sq ft (£237 and £724 per sq m).
Helical will reinvest the proceeds from the sale in a variety of new
transactions.
Helical has obtained planning consent for a variety of asset management and
development opportunities within the scheme which the new purchasers intend to
exploit, including the conversion of a vacant office building to create 31
apartments.
Savills acted for Helical Bar whilst Tyburn Vale, the JV purchaser, was
represented by Capital Retail.
-ENDS-
For further information, please contact:
Helical Bar plc
Michael Brown Tel: 0207 629 0113
Financial Dynamics
Dido Laurimore Tel: 020 7831 3113
This information is provided by RNS
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