LONDON (Alliance News) - Helical PLC on Monday said it has sold its One King Street office property in Hammersmith, London for GBP34.5 million, in line with the March 2016 book value.
The property developer said it sold the property to Orchard Street Investment Management UK at a sale price reflecting a net initial yield of 4.85%.
Helical purchased the office building from receivers in 2012 and has since undertaken a programme of value enhancement by refurbishing the office space and adding an additional floor to the building. This has delivered 26,000 square feet of offices with retail units on the ground floor.
Helical said the property is fully let to a range of tenants.
"Having delivered on our business plan to provide a good quality institutional-grade investment, this had now become one of our more mature investments, and we therefore took the opportunity to make this disposal, the proceeds of which will be recycled into our London development and refurbishment programme," said Senior Investment Executive Tom Anderson.
Shares in Helical were down 0.7% at 269.61 pence on Monday.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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Helical Bar (HLCL)