Helical has sold its freehold interest in the Power House in Chiswick, London W4, to Riverside Capital’s private investor syndicate at 30 September 2024 valuation of c. €8.3m, reflecting a net initial yield of 7.3%.
The c. 1,950m2 property is let to Metropolis London Music Ltd for a further 19 years at a current rent of c. €652,184 per annum, subject to an inflation-linked rent review in November 2026 and 5-yearly reviews thereafter.
The Power House has been used as a recording studio for over 30 years and the likes of The Rolling Stones, Elton John, Queen, George Michael, Amy Winehouse, Adele and Mark Ronson have had their music recorded, mixed or mastered there. The building also comprises 19 flats, which have been sold off on long leases.
Matthew Bonning Snook, Chief Executive of Helical, said: “This sale is a further step forward in our plan to recycle capital into higher returning development opportunities in the London market.”
Dominic Wright, Chief Executive at Riverside Capital, said: “This marks our first deal in two years and the beginning of an acquisition programme. The Power House is an exciting piece of cultural history and it’s a privilege to be the current custodian of this fine, London institution.”
Cyril Leonard and Mishcon de Reya advised Helical and Riverside Capital was represented by Laytons.
Image source - Helical.
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