Update on Portfolio Activity
30th September 2015
Helical Bar plc ("Helical" or "The Company")
Update on Portfolio Activity
Following a period of strong progress across its London and Regional assets, Helical Bar is today providing an update covering its activities for the period from 24 July 2015 to 30 September 2015.
Commenting on the Company's activities, Michael Slade, Chief Executive, said:
"The last two months have seen a high level of activity across both the London and Regional portfolios, dominated by strong letting progress and the realisation of cash from a number of our developments."
LONDON PORTFOLIO
· The Bower, Old Street, EC1
Our joint venture with Crosstree Real Estate Partners has let the eighth and ninth floors of The Warehouse, comprising 17,416 sq ft, to CBS Interactive, an online content network provider and a division of the CBS Corporation, at £60.00 psf. It has also let the third floor comprising 18,035 sq ft to Allegis Group, the UK subsidiary of a US recruitment company, at £55.50 psf. Two of the remaining three floors of The Warehouse are also currently under offer.
Completion of the first phase of the redevelopment of The Bower is expected by the end of October. The second phase, the redevelopment of The Tower, is expected to commence at the end of the year. This will encompass a full refurbishment and increase the existing 207 Old Street from 115,000 sq ft to 170,000 sq ft.
· Barts Square, EC1
At Barts Square, we have exchanged contracts on 92 residential units in the first phase of 144 units, which represent an additional six units since 24 July 2015. Demolition work on this phase is nearly complete and construction of the foundations is commencing. The sale of the site at One Bartholomew Close, for £102.4m to clients of Ashby Capital LLP, has completed, releasing £34m of cash to Helical, and construction of this 211,000 sq ft office development will start in January 2016.
· 99 Clifton Street, EC2
We have completed the sale of 99 Clifton Street, a 43,000 sq ft office development to UBS (Triton) for £38.25m, monetising a £17.25m profit payment.
· 23-28 Charterhouse Square, EC1
At Charterhouse Square, we have received planning permission for a redevelopment of this office building, which will provide 37,962 sq ft of offices and 5,170 sq ft of retail/restaurant space, and work is due to start on site in December 2015.
· Drury Lane, WC2
At Drury Lane we have submitted a planning application for a mixed use scheme of 68 residential units as well as retail and restaurant space. It is anticipated that it will be determined at a planning committee in January 2016.
· C-Space, EC1
At C-Space, the construction works reached practical completion on 25 September 2015 and DLKW Lowe is now fitting out its space, which encompasses c. 75% of the building.
· Fulham Wharf, SW6
At Fulham Wharf, we received £5.75m of our total development fee of £7.25m following the handover of phase two of the residential development site.
· Broadway House, Hammersmith, W6
At Broadway House, King Street, Hammersmith, we have agreed terms to pre-let 8,800 sq ft to Orion Health Limited at £53.50 psf. This letting will complete upon conclusion of the works to add an extra floor to the building, expected in October 2015.
· Artillery Lane, E1
The refurbishment of Artillery Lane is due to complete imminently which will trigger completion of the sale to Standard Life for £15.1m.
· The Loom, Whitechapel, E1
At The Loom (formerly New Loom House), refurbishment works have commenced. These works will overhaul all common parts and a number of units and will cost c.£5m with completion expected in spring 2016.
REGIONAL PORTFOLIO
· We have acquired a further £30m of logistics facilities with units located in Chester, Northampton, Halesowen and Newcastle. The units, totalling 570,000 sq ft, were acquired for an average yield of 7.5%.
· We have completed the sale of land in Milton Keynes which has the benefit of retail planning consent which formed part of our now completed Leisure Plaza development for £2.5m (Helical share £1.25m).
· 25 King Street, Bristol, is now fully let having been acquired vacant in December 2014.
· At Churchgate and Lee house, Manchester, the refurbishment of Lee House common parts and the first floor of Lee, fourth floor of Churchgate and the Courtyard Suite are all complete. Having completed a number of recent lettings to Progressive Digital Media, Coop Travel and Workplace, a serviced office provider, the building is now 90% let.
· The growing logistics/light industrial portfolio remains 100% let with a number of material lease events coming up within the next six months where we hope to capture rental growth. We have concluded a 15 year lease extension on our Booker unit in Bolton and new leases to both tenants at our units in Olympic Park, Gloucester, both at £6.80 psf, adding £1.00 psf to the rent of one of the units.
For further information, please contact:
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Helical Bar plc Tim Murphy (Finance Director)
Address: 5 Hanover Square, London W1S 1HQ Fax: 020 7408 1666 Website: www.helical.co.uk |
Tel: 020 7629 0113 |
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FTI Consulting |
Tel: 020 3727 1000
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This information is provided by RNS
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