Helical Bar has completed the purchase of Power Road Studios, Chiswick W4, from Sapcote Developments for £34.2m – a net initial yield of 4.4%.
Former Top Gear presenter Jeremy Clarkson and his colleagues Richard Hammond, James May and Andy Wilman recently announced they were taking a three-year lease on 5,495 sq ft of office space at the studios.
Amazon Prime has commissioned three series of their yet-to-be-titled motoring show, which is due to launch in 2016.
The motoring stars will pay about £38 per sq ft at the studio complex, which is fully let with average rents at £25 per sq ft.
The two-acre site, which houses five detached buildings totalling 62,000 sq ft of offices, includes a warehouse once used by the Singer Sewing Machine Company.
Helical has announced plans to redevelop the site to create a modern working environment and creative hub with more office space.
Duncan Walker, Helical’s investment director, said: “It offers immediate income, the potential for the creation of additional space and the luxury of choice as to when to implement any construction activity.
“It is located in a market which we know extremely well and where we are confident that we can capture the reversionary potential of the asset.”
JLL represented Sapcote Developments.
