Helical say the office complex, which is being acquired with existing cash resources, offers immediate income as well as the scope for extension and development.
The two-acre site houses five standalone buildings, totalling 62,000 sq ft. The property is currently 100% occupied by a range of tenants, from small entrepreneurial businesses and retail companies to larger media firms. Average rents are £25.00 psf.
The 1930s building is a former warehouse that was once used by Singer Sewing Machine Company and retains several of its original features, including exposed metal columns and high ceilings. It also includes an imposing reception and communal café space for its range of tenants.
Helical sees the opportunity to enhance the rent profile of the current property as well as the longer term potential for extension or development, capitalising on the positive dynamics of the West London market. Helical believes there is scope to reposition the asset, drawing on the Company’s track record of creating modern working environments and creative hubs.
Duncan Walker, Helical’s Investment Director, said: “This acquisition underpins our continued belief in the London market and complements our existing West London portfolio. It offers immediate income, the potential for the creation of additional space and the luxury of choice as to when to implement any construction activity. It is located in a market which we know extremely well and where we are confident that we can capture the reversionary potential of the asset.”