Helical sells Power Road Studios for €48.9m (GB)

Helical sells Power Road Studios for €48.9m (GB)

Helical plc has sold Power Road Studios, a multi-let office campus in Chiswick, W4, to a private UK Investment Manager, for €48.9m (£41.58m). The sale price marginally exceeds the 31 March 2019 valuation and reflects a net initial yield of 4.8%. Originally built in the 1930s as a Singer sewing machine factory, Power Road Studios provides 57,164ft² of innovative workspace set over four distinctive studio buildings. It is currently 84% let to a diverse range of occupiers, generating a contracted rent of €2.5m (£2.15m) per annum.

 

The site was acquired by Helical in 2015, who have since undertaken a rolling refurbishment of the property 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 30,000ft² building: a 13,000ft² roof extension to Studio 1; and an occupiers’ amenity block to provide additional bicycle storage and changing facilities.

 

Tom Anderson, Senior Investment Executive at Helical, commented: “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.”  

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