Power Road Studios website at powerroadstudios.com; screen capture

Power Road Studios website at powerroadstudios.com; screen capture

15.11.2017

Power Road Studios

Address:
Power Road, London W4
Type:
Commercial
Size:
57,164 sq ft
Offices:
1
Viewed:
1962

Description of Power Road Studios

Power Road Studios is an office building complex in Chiswick, London W4.

The site comprises 57,164 sq ft of offices across five buildings and is multi-let to a wide range of predominantly media tenants.

2020 February - Helical sells the site to a private UK investment manager for £41.6m. The sale price marginally exceeded the 31 March 2019 valuation and reflected a Net Initial Yield of 4.8%. Prior to disposal Helical had completed six lettings representing 16,637 sq ft and had also let the café to a new operator.

2017 - Helical plc completed the refurbishment of Studio 1 in October. The project comprised 16,000 sq ft of air conditioned Grade A space, refurbished common parts and two new lift shafts to accommodate a consented future roof extension of 13,000 sq ft. Of the newly refurbished space, 2,425 sq ft at £43 psf had been pre-let and the letting of a further 5,916 sq ft at £43 psf was completed in autumn. Preliminary works had been completed on a consented new 30,000 sq ft office building.

Connected Companies

Developer:
Lettings:
Lettings:

Transport

The nearest tube, train and bus stations.
Gunnersbury Underground Station
District
Power Road
237, 267, 391, H91, N9

News: (2)

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

*DISCLAIMER! Information on this page is for guidance only and remains subject to change. Buildington does not sell or let this property. For more information about this property please register your interest on the original website or get in touch with the Connected Companies.

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