Helical Disposes of Power Road Studios
Developer Helical plc has sold Power Road Studios, a multi-let office campus in Chiswick, to a private UK Investment Manager, for £41.58 million. The sale price marginally exceeds the 31 March 2019 valuation and reflects a net initial yield of 4.8%.
Originally built in the 1930s as a Singer sewing machine factory, Power Road Studios provides 57,164 sq ft of innovative workspace set over four distinctive studio buildings. It is currently 84% let to a diverse range of occupiers, generating a contracted rent of £2.15 million per annum.
The site was acquired by Helical in 2015, who have since undertaken a rolling refurbishment of the property that includes the development of a new main entrance as well as improvements to the communal areas.
Planning permission has been granted for the construction of a new 30,000 sq ft building: a 13,000 sq ft roof extension to Studio 1; and an occupiers’ amenity block to provide additional bicycle storage and changing facilities.
Tom Anderson, Senior Investment Executive at Helical, commented: “This disposal is in line with our clear strategy of selling non-core assets and realising proceeds which we can recycle into new value add and development opportunities in our core central London markets.”
Helical was advised by TT&G Partners and the buyer by Michael Elliott.
28/02/2020 12:51 by Buildington
Helical has agreed to a second letting at the re-launched Power Road Studios to a leading global benchmarking firm STEM Healthcare Limited.
STEM has moved from the Light Box scheme nearby and has taken the 1st floor of Studio 1, totalling approximately 5,900 sq ft. This follows the letting to Intelligent Media last month at the same rent.
The letting to STEM takes the total lettings since the launch to 8,500 sq ft, with approximately 6,500 sq ft remaining.
Studio 1 has recently undergone a comprehensive refurbishment, including the creation of a new campus entrance leading onto Power Road and high-quality warehouse style office space, offered on flexible lease lengths in order to appeal to a wide range of businesses.
The space was launched in October 2017.
Bejal Bhimijiyani of STEM Healthcare commented: “We’re delighted to be moving into a bright and spacious office environment that will accommodate our talented team as the demand for our services continues to grow across the globe. The additional space and flexibility gives us the meeting, thinking and working space we really need and we look forward to settling in.”
Tom Anderson of Helical added: “Studio 1 was launched less than a month ago and to have two tenants take over half the space at this early stage is testament to the quality and type of environment that we have created here at Power Road. The studios have always attracted a wide range of tenants and the warehouse style is clearly popular with local occupiers”.
Frost Meadowcroft and Hanover Green advised Helical.
21/11/2017 13:40 by Buildington