22 September 2014
Helical Bar plc ("Helical Bar" or the "Company")
HELICAL BAR ACQUIRES TWO RETAIL WAREHOUSES IN £12 MILLION TRANSACTION
Helical Bar today announces the acquisition of two modern leasehold retail warehouses located in Harrogate and Stockport from a UK corporate vendor for £12.082 million, reflecting an overall net initial yield of 6.95%. The units are held on 999 year leases at a peppercorn rent.
The 25,250 sqft Harrogate unit, located in Hookstone Chase is let to Currys/PC World at a current rent equating to £18.38 per sq ft for a further 11 years. The 33,323 sq ft Stockport unit, located in Stockport Road, Cheadle Heath is let to B&M (just assigned from Homebase) on a new 10 year lease at a rent of £13.28 per sq ft.
Commenting, Jack Pitman, Investment Director, Helical Bar, said:
"These two retail warehouse investments represent high quality, long term income, and provide a good balance to our lower yielding central London holdings."
Cushman and Wakefield acted on behalf of the vendor. Helical Bar was advised by Wilkinson Williams.
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For further information, please contact:
Helical Bar plc Tim Murphy / Duncan Walker | 020 7629 0113 |
FTI Consulting Stephanie Highett / Dido Laurimore / Nina Legge | 020 3727 1000 |