TIDMHLCL
RNS Number : 6149S
Helical PLC
04 October 2017
4 October 2017
HELICAL PLC
("Helical" or "The Company")
Update on Portfolio Activity
Helical provides an update covering its activities for the
period from 13 July 2017 to 3 October 2017, in advance of today's
tour of its City and Tech Belt properties for analysts and
investors.
Commenting on the Company's activities, Gerald Kaye, Chief
Executive, said:
"We are pleased to report that we are close to concluding a
number of lettings at our completed development at One Creechurch
Place, EC3 and have placed further space under offer at 25
Charterhouse Square, EC1. We have seen rental growth at the London
investment assets in our chosen locations where the demand for
quality space from the tech and creative industries remains strong.
We will shortly be seeking tenants for the remaining space at The
Tower, comprising the second phase of The Bower, EC1, and are
optimistic our target rents will be achieved.
"We continue working towards reducing our non-core holdings with
the sale of further units from our retirement village portfolio
whilst taking advantage of an offer from an owner-occupier to sell
one of our industrial assets. In addition, where we have completed
our business plans on assets and can deploy the proceeds elsewhere
to generate superior returns, we will look to sell those
assets.
"Whilst the political background continues to cause uncertainty
we note the ongoing demand for UK assets from overseas investors,
particularly from the Far East."
LONDON PORTFOLIO
Our London portfolio provides rental income, opportunities for
capital growth and development profits.
The Bower, Old Street, EC1
At The Bower:
-- The Warehouse and The Studio are fully let with all tenants in occupation.
-- Construction works on The Tower continue as planned with the
cladding of the building underway and completion due in July
2018.
-- The Tower is 34% pre-let to WeWork and marketing of the
remaining floors will commence shortly.
Barts Square, EC1
At Barts Square:
-- In the first phase of 144 residential units we have exchanged
contracts on 127 units and are due to complete on the sales of the
first 13 of these units by the end of October 2017. The remaining
units are due for completion in phases between November 2017 and
March 2018.
-- Demolition of buildings to allow the last phase of
residential has now completed with construction of 92 additional
units due to start in Q2 2018.
-- 90 Bartholomew Close, an office refurbishment of 23,508 sq
ft, is due for completion in November 2017.
-- The construction of One Bartholomew Close, a new 12 storey
office building of c. 213,000 sq ft, pre-sold to clients of Ashby
Capital, continues with completion due Q3 2018.
One Creechurch Place, City of London, EC3
At One Creechurch Place, EC3 terms are agreed with a number of
potential tenants interested in leasing space in the 273,000 sq ft
building and we are hopeful of being able to announce the letting
of a significant proportion of the building before our half year
results are released in November.
C-Space, 37-45 City Road, EC1
At C-Space, EC1 we have appointed agents to market the sale of
this former carpet factory. The freehold building comprises 63,536
sq ft and is fully let to MullenLowe and NeuLion at an average rent
of GBP57.42 psf with a WAULT of over 12 years.
The Loom, Whitechapel, E1
At The Loom, E1 we have recently let 3,500 sq ft at a record
rent for the building of GBP55 psf. Currently, there is 18,000 sq
ft of vacant refurbished space available in six units.
25 Charterhouse Square, Smithfield, EC1
At 25 Charterhouse Square, EC1 tenants Anomaly and Peakon are in
occupation of the top three floors. We have also now agreed terms
on the ground and first floor and have good interest in the
remaining two floors of office space.
Power Road Studios, Chiswick, W4
At Power Road Studios, W4 we are due to complete the
refurbishments of Studio 1 in early October. The project delivers
16,000 sq ft of fully refurbished air-conditioned Cat A space
(2,425 sq ft of which is pre-let with a further 6,000 sq ft under
offer), refurbished common parts and two new lift shafts to
accommodate the consented future roof extension of 13,000 sq ft. In
addition, preliminary works have been completed on a consented new
30,000 sq ft office building.
MANCHESTER OFFICES
Churchgate and Lee House remain 100% let. The focus this year
has been on future asset management opportunities where we can
agree re-gears with existing tenants and actively take
un-refurbished space back from tenants to push rents past the
current ERV of GBP16.50 psf.
The refurbishment of 35 Dale Street continues to make good
progress with 22,500 sq ft of office space now completed. In June,
we let 7,500 sq ft on the fifth floor at GBP18.00 psf,
significantly above the March 2017 ERV of GBP13.80 psf.
LOGISTICS
Within our logistics portfolio we have sold, to an
owner-occupier, our 188,000 sq ft warehouse at Hinckley,
Leicestershire for its 31 March 2017 book value of GBP9.3m. The
portfolio now consists of 24 assets, comprising 2.7m sq ft.
During the period we completed a new ten year lease at the
existing passing rent at Telford and have strong interest from
potential tenants in our only remaining vacant asset in
Doncaster.
NON-CORE
Retirement Villages
At our retirement villages we have completed the refurbishment
of the clubhouse at Bramshott Place, Liphook and have made good
progress on the construction of new units. Of the 694 units to be
built in the portfolio, we have completed works on 407 units, sold
328 and have a further 47 under offer.
ANALYST & INVESTOR PROPERTY TOUR
Helical plc is today hosting a tour for analysts and investors
of selected properties from its City and Tech Belt portfolio.
A copy of the accompanying presentation will be available to
view and download from the Company's website www.helical.co.uk
later today. No further information will be provided on current
trading.
For further information, please contact:
Helical plc Tel: 020 7629 0113
Gerald Kaye (Chief Executive)
Tim Murphy (Finance Director)
Address: 5 Hanover Square, London W1S 1HQ
Fax: 020 7408 1666
Website: www.helical.co.uk
FTI Consulting Tel: 020 3727 1000
Dido Laurimore/Tom Gough/Richard Gotla
This information is provided by RNS
The company news service from the London Stock Exchange
END
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