The Shepherds Building website at theshepherdsbuilding.com; screen capture.
The Shepherds Building
Charecroft Way, London W14 0DA
Description of The Shepherds Building
The Shepherds Building is an office building in Shepherds Bush, London W14.
Multi-let 151,000 sq ft office building is close to the Westfield London shopping centre.
2017 - Occupancy close 100%, as it has for the past ten consecutive years. The average contracted rent for the building is £45 psf with a total contracted rent of £6.64m. During the period Helical has completed new lettings totalling 8,987 sq ft and 1,573 sq ft since the period end in 2017.
Helical plc has sold The Shepherds Building in West London to Workspace Group PLC for £125.3m (£835 psf), representing a net initial yield of 4.8% rising to 5.1% on expiry of rent frees.
The sale represents a 12.4% premium to 31 March 2018 book value.
The sale will allow Helical to recycle capital into new value-add and development opportunities, in pursuit of continued enhanced returns for shareholders.
Helical is now focusing on high quality, design led office and mixed-use schemes in London and Manchester. The Shepherds Building is a former Inland Revenue tax office on Rockley Road, London W14, and was acquired by Helical for £12.8m in 2000. This purchase was followed by a full refurbishment of the property and the addition of an extra floor. A further overhaul of the common parts was undertaken and a new entrance area was built in 2014. The 150,000 sq ft building has eight floors and is 99% let to 32 different occupiers with an average contracted rent of £45.60 psf. The disposal is expected to complete next month.
Gerald Kaye, Chief Executive of Helical, said:
“We have enjoyed 18 strong years of ownership at The Shepherds Building. We took the decision to dispose of the asset as it will allow us to recycle our equity into new projects to create future profits.”
15/09/2018 07:25 by Buildington
Helical has let 11,798 sq ft at At The Shepherds Building to three new tenants at an average rent of £49 psf, a premium of 4.2% to their 31 March 2018 ERVs.
Source: Helical plc. trading update for the period 1 April 2018 to 11 July 2018 helical.co.uk
13/07/2018 20:38 by Buildington
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