Helical Bar has sold part of its Waterfront Business Park in Fleet as a consequence of the area’s poor lettings market.
Owner-occupier BaByliss, a subsidiary of hair care manufacturer Conair Group, has bought the 12,000 sq ft (1,114m2) No 3 office building at the business park in Hampshire for more than £4m.
Helical bought the entire Waterfront site in February 2000, developed it and planned to let all of the 56,000 sq ft (5,200m2) of offices to the telecoms and IT sectors. But the decline in those sectors and falling rents in the area led to Helical selling the building.
The two remaining offices on the site total 17,338 sq ft (1,615m2) and 26,696 sq ft (2,480m2).
Helical is considering selling these too but said it was more likely to let them.
Matthew Bonning-Snook, development executive for Helical Bar, said: “We received a good offer for the building and decided to accept to capitalise on our return. A number of firms in the Thames Valley are looking at buying rather than renting at the moment as it is perceived as cheaper, especially with the current low interest rates.”
Aberdeen Property Investors is funding the scheme, which is due to complete at the end of September.
