Last checked at 28 Feb 2014 07:01
28 February 2014
Helical Bar plc ("Helical Bar" or the "Company")
HELICAL BAR SELLS BATTERSEA STUDIOS, LONDON SW8 FOR £35 MILLION
Helical Bar today announces that it has sold Battersea Studios, Silverthorne Road, London SW8 for £35 million to the Schroder UK Property Fund.
Originally built in the 1970's as a warehouse for BT and subsequently turned into a broadcasting centre by a Middle Eastern broadcaster, Helical Bar acquired vacant possession of the site in 2005 for £8 million. The Company comprehensively refurbished the property into 56,848 sq ft of studio offices, a café and a number of TV studios. Once the main building was fully let, Helical Bar built a new 51,194 sq ft office building in the car park of the site in 2008.
The property, which now totals 108,042 sq ft, currently produces a passing rent of £1.47 million per annum.
Jack Pitman, Director at Helical Bar, commented:
"Following our acquisition of Battersea Studios as an empty property nine years ago, we successfully repositioned it into multi let offices and TV studios aimed at tenants in the media and creative industries.
"Having completed our remodelling of the property, we are happy to take advantage of the current strong investment market in London to sell this asset. In line with our strategy, we will reinvest the proceeds in new acquisitions with the potential to add value through active asset management, both in London and outside."
Edward Charles & Partners and Tudor Toone represented Helical Bar; Michael Sharron & Co represented Schroder UK Property Fund.
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For further information, please contact:
Helical Bar plc Tim Murphy / Jack Pitman
| 020 7629 0113 |
FTI Consulting Stephanie Highett / Dido Laurimore / Nina Legge
| 020 7831 3113 |