Helical PLC HELICAL ACQUIRES MANCHESTER OFFICE FOR £12.9M (1948F)
16 May 2017 - 4:00PM
UK Regulatory
TIDMHLCL
RNS Number : 1948F
Helical PLC
16 May 2017
16 May 2017
HELICAL PLC
('Helical'/ 'the Company')
HELICAL ACQUIRES MANCHESTER OFFICE BUILDING FOR GBP12.9
MILLION
Helical plc is pleased to announce it has completed the
acquisition of Trinity Court, a 47,500 sq ft office building in
Manchester City Centre, for GBP12.9 million, from Ardstone Capital,
reflecting a net initial yield of 9.25%. This is the fourth
building in Helical's Manchester portfolio, as it looks to utilise
its on the ground experience and successful track record to take
advantage of the supply demand imbalance for well-located Grade A
office space in the City Centre.
Located on John Dalton Street, between Spinningfields and the
historical centre, Trinity Court is across seven floors and was
originally developed in 1992 behind a 19(th) century façade. The
office space is currently 100% let to Squire Patton Boggs, with one
year remaining on the lease.
Following the tenant's vacation, Helical will undertake a
significant refurbishment and extension programme to deliver
institutional quality modern office space, to meet the growing
demand in central Manchester by an increasingly diverse mix of
occupiers.
The building also includes two small retail units, totalling c.
4,000 sq ft, let until 2018, and Helical will undertake some small
refurbishment work which will deliver attractive annual rental
uplift on completion.
Will Parry, Asset Management Executive at Helical, commented:
"This off-market transaction further complements our existing
portfolio in Manchester, where occupier demand for well-located,
good-quality assets in the centre remains strong. The supply of
Grade-A space is currently near an all-time low and there is a
limited development pipeline, so Trinity Square represents an
exciting proposition for us.
"Capitalising on these positive market dynamics, the asset is in
an area that is undergoing significant transformation and offers
attractive reversionary potential following the capital expenditure
programme, as rents in the area start to reflect the quality of
local occupiers."
Helical was advised by Commercial Properties.
For further information please contact:
Helical
Duncan Walker/Tim Murphy Tel: 020 7629 0113
FTI Consulting
Dido Laurimore/Tom Tel: 020 3727 1000
Gough/Richard Gotla
This information is provided by RNS
The company news service from the London Stock Exchange
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