Helical sells £35m investment property
Property developer Helical has sold an investment property in Hammersmith for £34.5m.
The property, One King Street, was bought by Orchard Street Investment Management, providing a net yield of 4.85 per cent for Helical.
Helical purchased the building in 2012 and has since refurbished it, adding an additional floor. The offices, combined with the retail units on the ground floor, provide 36,951 square feet of space across six floors.
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Orchard Street said Hammersmith has been attracting high-profile corporate tenants in recent years, with the likes of L'Oreal, Harper Collins and Walt Disney setting up head offices in the area.
Tom Anderson, senior investment executive at Helical, said: "Having delivered on our business plan to provide a good quality institutional grade investment, this had now become one of our more mature investments and we therefore took the opportunity to make this disposal, the proceeds of which will be recycled into our London development and refurbishment programme."
Philip Gadsden, managing partner at Orchard Street, said:
One King Street is a prime asset which offers a combination of excellent office space with strong reversions on a number of floors and seven retail units which are very well positioned and benefit from strong footfall.
Going forward we are confident of undertaking a number of asset management initiatives to raise the income level and drive value.