Helical has sold five out-of-town retail warehouses from its regional portfolio in the past two months for a combined £42.1m, a total discount of 4.2% on their 31 March 2016 book value.
The sales leave Helical with three remaining out-of-town retail warehouses in its portfolio.
In a trading update for the period 25 July to 26 September, Helical said it had completed 10 new leases at the Morgan Quarter, Cardiff, securing £197,000 of income.
The company’s £36m out-of-town development at Cortonwood Shopping Park near Barnsley, funded by clients of Aberdeen Asset Management, is 95% prelet and is due for completion in June 2017.
Helical also announced it has sold two of its regional offices and two of its distribution warehouses following the conclusion of asset management initiatives for those properties.
In London, chief executive Gerald Kaye said there was an “encouraging level of interest” being shown by potential occupiers and homebuyers in Helical’s development pipeline.
Key schemes under development include One Creechurch Place, EC3; Barts Square, EC1; The Bower, EC1; 25 Charterhouse Square, EC1; and The Loom, E1.
At Barts Square, Helical has exchanged contracts on 106 residential units in the first phase of the development comprising 144 units.
Since the EU referendum, Helical has exchanged contracts on two residential units and placed a further unit under offer for a combined price of around £4m at an average price of £1,547 per sq ft, which it said was in line with sales values achieved for similar units.
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