Helical sells One King Street for £34.5m

Helical has sold One King Street in Hammersmith, West London, to Orchard Street Investment Management UK for £34.5m.

The sale price – which is in line with the March 2016 book value – reflects a net initial yield of 4.85%.

Helical bought the office building from receivers in 2012 and since then has undertaken a programme of value enhancement through the rolling refurbishment of the office space and adding an additional floor to the building to deliver 26,000 sq ft of offices with retail units on the ground floor.

The property is fully let to a range of tenants at rental levels that set a new benchmark for the Hammersmith market at the time of leasing.

Senior investment executive Tom Anderson said: "Having delivered on our business plan to provide a good quality institutional grade investment, this had now become one of our more mature investments and we therefore took the opportunity to make this disposal, the proceeds of which will be recycled into our London development and refurbishment programme."