In what it described as a “competitive market” Helical Bar has let more than 46,000 sq ft of commercial space in the past 12 months. It has also secured offers on 47,500 sq ft at its London C-Space and The Bower schemes in little more than three months this year.
“Having rotated out of our shopping centres in the last financial year, we have continued to add to our regional portfolio of industrial and logistics assets with £47m acquired and £33m under offer,” said chief executive, Michael Slade, in an interim management statement.
“Our development team continues to find exceptional opportunities to add to our London portfolio, exemplified by the recent Drury Lane deal,” he added. “This is a typical Helical transaction, requiring vision, commitment and an ability to deal with complex issues.
Slade said that his company had made significant progress with lettings agreed at The Bower and its Barts Square scheme and expect to announce further good news in the near future.
He stressed: “We remain committed to increasing our investment in London and believe that continued economic growth will continue to provide opportunities for future income and capital appreciation for some time to come.”
At The Bower in Old Street, the sixth floor of 12,217 sq ft is under offer to Farfetch UK to add to the fourth and fifth floors which it already occupies. The statement said a further 35,370 sq ft at the EC1 scheme is also under offer.
On the same site, The Studio’s 18,363 sq ft of offices and 4,155 sq ft restaurant, and the Empire House’s 17,244 sq ft hotel and 3,300 sq ft of restaurant space are both fully let. Helical confirmed the first phase of The Bower is on schedule for an October, 2015, completion and, once financing has been arranged, phase two is expected to commence by Christmas.
Also in the capital, Helical said it had signed a deal with clients of Savills Investment Management to redevelop their long leasehold interest in 26-35 Drury Lane and 8-12 Dryden Street, London WC2. A planning application will be submitted by September for an 80,000 sq ft mixed use scheme that would include 16,000 sq ft retail space.
In a separate statement, Helical announced the acquisition of a portfolio of logistics assets for £37.5m.
Totalling close to 700,000 sq ft of space the units are fully let. One of the assets, located in Stevenage, was initially acquired vacant, but Helical was able to complete a new lease with DSG Retail between exchange and completion of the purchase. The other assets are located in Stone, Bristol and Alfreton.
The statement also confirmed the sale of a portfolio of eight logistics assets to BMO Global Asset Management for £28.5m. The 296,000 sq ft of assets are located in Barking, Maidenhead, Chichester, Gloucester, Gravesend, Milton Keynes, Northampton and Bedford and have all been acquired over the last 12 months through various portfolio acquisitions.
“We continue to see good opportunities in the distribution and logistics sectors which are being supported by improving levels of UK manufacturing and the move to e-commerce, whilst little new build stock is coming onto the market,” commented Helical’s investment director, Duncan Walker.
Previous Post
MEPC lands Second Major High-Tech pre-let at Milton Park
