One King Street
21/11/2016 by Buildington

Helical has sold One King Street to Orchard Street Investment Management UK for £34.5m, reflecting a net initial yield of 4.85%.

The sale price is in line with the March 2016 book value.

Helical bought the office building from receivers in 2012 and has since then enhanced the value through the refurbishment of the office space and adding an additional floor to the building to deliver 26,000 sq ft 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.

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

Orchard Street was advised by Savills.

Source: Helical

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