Investment/finance | Offices | Estates Gazette
Helical Bar has sold Enterprise House in Paddington, W2 for £43m.
The sale to a private overseas buyer represents a 10% premium to book value and a 4% yield.
The 45,000 sq ft Art Deco building was bought by Helical in 2013 in part of a 20-year sale and leaseback deal with Network Rail.
Helical will use the proceeds in part to pay down £30m of debt.
Duncan Walker, Helical Bar’s investment director, said: “We are pleased to have sold Enterprise House, a mature asset in a strong location within central London. This disposal enables us to capitalise on the strong London market, freeing up capital to deploy into our other London opportunities, which will benefit from Helical’s expertise in extracting latent value through development, refurbishment and asset management.”
Kieran D Cotter & Morgan Williams acted for the purchaser. Tudor Toone acted for the vendor.