Helical has sold Power Road Studios in Chiswick, W4, to a private UK investment manager for £41.8m.
The sale price was above the 31 March 2019 book value and reflects a net initial yield of 4.8%.
Power Road Studios was built in the 1930s as a Singer sewing machine factory. It currently provides 57,164 sq ft across four buildings. The office is 84% let, generating a contracted rent of £2.15m per annum.
Helical acquired the asset in 2015. It has since secured planning permission for a new 30,000 sq ft building and a 13,000 sq ft roof extension to one building.
Tom Anderson, senior investment executive at Helical, said: “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.”
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