Helical Bar has announced a number of changes to its portfolio as it makes acquisitions and disposals in London and the regions.
Helical purchased the Chart House office building in Shoreditch, N1, for £6.3m with planning consent for an additional floor of the building. The work will be done on vacant possession in 2018.
The company also bought Dale House, a 42,000 sq ft office in Manchester’s Northern Quarter with a passing rent of £12 per sq ft. The purchase price was £7.6m giving an initial yield of 6.4%.
In retail and industrial, Helical bought a retail unit in Great Yarmouth for £4.75m – a 7.75% yield – which is let to Matalan on a long lease.
In addition, it purchased four other logistics units around the UK. One in Havant, Hampshire, for £3m at a 7.5% yield, one in Hinckley, Leicestershire, for £9.5m at a 7.75% yield, another in Cannock, west Midlands, for £5.1m and a 7.75% yield, and a unit in Stevenage, Hertfordshire, for £5.56m which has vacant possession.
In addition to its acquisitions, Helical has also sold two individual properties and a portfolio since Christmas 2014.
The first was an office in Uxbridge, west London, which was sold to Threadneedle Real Estate for £5.4m representing a 6.5% yield. The other was an office in Oldham, Greater Manchester, sold to a private buyer for £2.15m
The portfolio, with properties in Plymouth, Peterlee, Nottingham and Colchester, was sold to F&C Reit for £13.1m.
Duncan Walker, investment director at Helical Bar, said: “These recent purchases demonstrate our continuing ability to find value within the market, blending higher yielding income deals with more asset management intensive opportunities for capital gain. They also mark a significant fleet of foot between sectors, as demonstrated by our large investment into distribution and light manufacturing, as well as a movement into out of town retail assets. We are particularly pleased to have found another opportunity in London where we aim to have circa 50% of the portfolio long term. We are confident that we will be able to capitalise on further latent value.”
