Helical announces that it has sold One King Street, in Hammersmith, West London to Orchard Street Investment Management UK for €40.5m (£34.5m) reflecting a net initial yield of 4.85%. The sale price is in line with the March 2016 book value.
Helical acquired the office building from receivers in 2012 and since then has undertaken a programme of value enhancement through the rolling refurbishment of the office space and adding an additional floor to the building to deliver 2,415m² of offices with retail units on the ground floor. The property is fully let to a range of tenants at rental levels that set a new benchmark for the Hammersmith market at the time of leasing.
Orchard Street was advised by Savills.
