Helical Bar has completed the purchase of Broadway House, Hammersmith from Joint Fixed Receivers for £14.1 million.
The 35,000 sq ft multi-let investment is located at 1/15 King Street, Hammersmith W6 and arranged as retail on the ground floor with four floors of offices above. 70% of the income is well secured to retail tenants including Dolland & Aitchison, Lloyds TSB, Café Nero & Ladbrokes whilst the first and fourth floors are let to Kaplan Financial Ltd & Pakistan Airways. There are two vacant floors of offices which will be refurbished and let.
Mike Slade, Helical’s Chief Executive, commented: “Broadway House fits both with our strategy of buying well located good quality property with genuine opportunities to add value through asset management, and our intention to concentrate on Central London assets over the next two years.”
Tom Anderson, Asset Management Executive at Helical Bar, added: “There is currently a shortage of high quality office space in Hammersmith so we will immediately start to comprehensively refurbish the second & third floors.”
The acquisition, part funded by a loan, and part from cash reserves, reflects a net initial yield of 5.7% and a targeted reversionary yield of 8.7%.