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Helical sells office campus for £41.58m

Helical sells office campus for £41.58m

London developer Helical has sold an office campus in Chiswick for £41.58m, as part of its strategy to dispose of non-core assets.

It has sold Power Road Studios to a private UK investment manager at a net initial yield of 4.8%.

The campus provides 57,164 sq ft of workspace set across four studio buildings. It is currently 84% let to a diverse range of occupiers, generating a contracted rent of £2.15m per annum.

The site was acquired by Helical in 2015, and has since undertaken a rolling refurbishment of the campus that includes the development of a new main entrance as well as improvements to the communal areas.

Planning permission has been granted for the construction of a new 30,000 sq ft building on the site, a 13,000 sq ft roof extension to Studio 1, and an occupiers’ amenity block to provide additional bicycle storage and changing facilities.

“This disposal is in line with our clear strategy of selling non-core assets and realising proceeds which we can recycle into new value add and development opportunities in our core central London markets,” Tom Anderson, senior investment executive at Helical, said.

HLCL : Helical sells office campus for £41.58m

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