Helical sells Booth Street office building in Manchester for €13.18m (GB)

Helical sells Booth Street office building in Manchester for €13.18m (GB)

Helical has exchanged contracts on the sale of its 31 Booth Street office building in Manchester, to the Mayfair Capital-managed Property Income Trust for Charities fund (PITCH), for €13.18m (£11.92m) or €529.7 (£479) psf, reflecting a net initial yield of 5%. Following the successful letting of 46% of the office space since 30 September 2018, the sale represents a 20.5% premium to book value.

 

Located in the prime city core of Manchester, Helical acquired the property in January 2016. Following a complete refurbishment, the building comprises 24,902ft² of modern office space across 7 floors. The property is 100% let to nine occupiers.

 

Will Parry, Asset Management Executive at Helical, commented: "This disposal demonstrates our ability to successfully reposition assets by leveraging our local market expertise. The capital will be recycled into new opportunities."

 

Mayfair Capital Investment Director, Phil Sturdy, commented: "This acquisition is aligned with our thematic investment strategy of acquiring Grade A office space in strong strategic locations. 31 Booth Street is particularly well placed for future income growth with a low passing rent, numerous lease events in the next three to five years and seven of the leases having been granted outside the 1954 Act."

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