Workspace Group have purchased The Shepherds Building from Helical in a deal worth £125.3 million.
Helical have owned the building – a former Inland Revenue tax office on Rockley Road, Shepherds Bush – since acquiring it for £12.8m in 2000.
The sale is in line with Helical’s strategy to recycle capital into new value-add and development opportunities, in pursuit of continued enhanced returns for shareholders. Helical recently completed a business transformation which has resulted in a pure focus on high-quality, design-led office and mixed-use schemes in London and Manchester.
Gerald Kaye, Chief Executive of Helical, said: “We have enjoyed 18 strong years of ownership at The Shepherds Building. We took the decision to dispose of the asset as it will allow us to recycle our equity into new projects to create future profits.”