Helical offloads final Manchester office for £35m

The REIT is also selling 55 Bartholomew Close in London

High Rise, Building, City
  • What Helical has exchanged and completed contracts to sell Trinity in Manchester
  • Why The office building has been remodelled and refurbished
  • What next The proceeds from the sale will be “recycled into new opportunities”

Helical has exchanged and completed contracts to sell Trinity in Manchester to clients of Mayfair Capital for £34.55m, reflecting a net initial yield of 5%.

The REIT acquired the asset in May 2017 for £12.9m and then remodelled and refurbished it to deliver 58,533 sq ft of offices across eight floors. The building is now 76% let to eight occupiers, including newcomers British Engineering, Waterman Group and AEW Architects.

Trinity was the last remaining asset in Helical’s Manchester office portfolio following the sale of three offices to funds managed by Pictet Alternative Advisors and XLB Property for £119m in 2020.

Helical has also exchanged contracts to sell 55 Bartholomew Close in London to a private European investor for £16.5m, reflecting a net initial yield of 4.5%. The mixed-use development consists of 236 apartments, around 250,000 sq ft office space over three buildings and 10 retail and restaurant units.

Will Parry, senior property executive at Helical, said: “This disposal again demonstrates our ability to successfully repurpose and reposition assets to create best in class buildings. This sale concludes the disposal of Helical’s Manchester office portfolio and the proceeds will now be recycled into new opportunities in our core central London market.”

Phil Sturdy, investment director at Mayfair Capital, added: “This asset matches our client’s income requirement and reflects our investment strategy of investing in high quality buildings with good amenities, located in core markets, to deliver our investors attractive, low-risk income returns.”

TT&G Partners advised Helical, while CBRE advised Mayfair Capital on Trinity. Fineman Ross and Ingleby Trice advised Helical, while RX London and Tenigla advised the buyer on 55 Bartholomew Close.

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