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 £12.9 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 19th 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 Court 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:
Duncan Walker/Tim Murphy Tel: 020 7629 0113
Dido Laurimore/Tom Gough/Richard Gotla Tel: 020 3727 1000