Helical plc announces that it has exchanged contracts on the sale of its 31 Booth Street office building in Manchester, to the Mayfair Capital-managed Property Income Trust for Charities fund (PITCH), for £11.925 million (£479 psf), reflecting a net initial yield of 5%. Following the successful letting of 46% of the office space since 30 September 2018, the sale represents a 20.5% premium to book value.
Located in the prime city core of Manchester, Helical acquired the property in January 2016. Following a complete refurbishment, the building comprises 24,902 sq ft of modern office space across 7 floors. The property is 100% let to nine occupiers.
Will Parry, Asset Management Executive at Helical, commented:
“This disposal demonstrates our ability to successfully reposition assets by leveraging our local market expertise. The capital will be recycled into new opportunities.”
Mayfair Capital Investment Director, Phil Sturdy, commented:
“This acquisition is aligned to our thematic investment strategy of acquiring Grade A office space in strong strategic locations. 31 Booth Street is particularly well placed for future income growth with a low passing rent, numerous lease events in the next three to five years and seven of the leases having been granted outside the 1954 Act.”
Helical plc was advised by Savills, Mayfair Capital by CBRE.
For further information please contact:
Gerald Kaye/Tim Murphy/Will Parry
Tel: 020 7629 0113
Dido Laurimore/Tom Gough/Richard Gotla
Tel: 020 3727 1000