TIDMHLCL
RNS Number : 8693K
Helical PLC
27 September 2016
27 September 2016
HELICAL PLC
("Helical" or "The Company")
Update on Portfolio Activity
Following a period of good progress across its London and
Regional assets, Helical is today providing an update covering its
activities for the period from 25 July 2016 to 26 September
2016.
Commenting on the Company's activities, Gerald Kaye, Chief
Executive, said:
"The delivery phase of our development programme continues with
completion of our 272,000 sq ft office scheme at One Creechurch
Place, London EC3 fast approaching and good progress being made on
our London schemes at Barts Square EC1, The Bower EC1, 25
Charterhouse Square EC1 and The Loom E1. There is an encouraging
level of interest being shown by potential occupiers of the offices
and buyers of the residential units at these schemes.
"In our regional portfolio we have now sold five of our eight
out-of-town retail warehouses. In addition, we have sold two of our
regional offices and two of our distribution warehouses following
the conclusion of asset management initiatives for these
properties."
LONDON PORTFOLIO
Our London portfolio provides rental income, opportunities for
capital growth and development profits.
The Bower, Old Street, EC1
At The Bower:-
-- The Phase 2 demolition works are approaching completion and
the main contractor, Skanska, is due to commence shortly with PC
scheduled for Q2 2018. A letting campaign for the building is
expected to be launched in early 2018.
-- The Warehouse and The Studio are fully let with all tenants now in occupation.
Barts Square, EC1
At Barts Square:-
-- Since the EU referendum we have exchanged contracts on two
residential units and placed a further unit under offer for a
combined sales value of c. GBP4.0m at an average price of GBP1,547
psf, in line with sales values achieved for similar units.
-- We have now exchanged contracts on 106 residential units in
the first phase of the development comprising 144 units, for a
total sales value of GBP135.7m at an average of GBP1,581 psf.
Completion of the first phase is due on a rolling basis during H2
2017.
-- Demolition of the buildings comprising the site for the
remaining residential scheme of 92 units is due to start in
November this year.
-- Demolition of the site at One Bartholomew Close, a 213,000 sq
ft office scheme funded by clients of Ashby Capital LLP, has
completed and piling works for the new building are under way.
One Creechurch Place, EC3
At One Creechurch Place:-
-- Practical completion is expected in October for this 272,000
sq ft new office building, being built in joint venture with HOOPP
(Healthcare of Ontario Pension Plan).
-- The completed building is due to be launched in November and
a number of potential tenants are currently showing interest in the
building.
25 Charterhouse Square, EC1
At 25 Charterhouse Square:-
-- Refurbishment works continue and we are due to complete in Q1 2017.
-- The repositioned building will comprise c. 38,500 sq ft of office space and 5,100 sq ft of retail/restaurant use.
Fulham Wharf, SW6
At Fulham Wharf:-
-- We have received the final GBP1.5m of our GBP7.25m profit
share following the completion of this residential scheme.
The Loom, Whitechapel, E1
-- The main refurbishment works completed in August 2016 with c.
58,000 sq ft of a total 110,000 sq ft comprehensively refurbished
since acquisition together with all essential plant, equipment and
common parts.
-- Average contracted rent at the building is c. GBP31 psf with
highest rent achieved of GBP54 psf. 32,500 sq ft is currently
available, with 4,750 sq ft under offer.
REGIONAL PORTFOLIO
Our regional portfolio provides significant cash flow for the
Company. We have a broad spread of income providing diversity
between tenants and sectors of the market.
Industrial
-- We have sold one of our industrial buildings for GBP2.6m, at
a premium to its 31 March 2016 book value of 8.3%.
-- We have let our 93,000 sq ft warehouse at Burton upon Trent
on a 15 year lease at rents 12% above the previous passing
rent.
-- We now have an occupancy level of 97% in our industrial
portfolio of 34 buildings with just one vacant unit.
Offices
-- At Churchgate and Lee House, Manchester, we have completed
two leases on a total of 23,000 sq ft and agreed terms on a further
16,500 sq ft. If completed, the building will be 100% let.
-- At Booth Street, Manchester, we anticipate completion of the
refurbishment works in December with a launch of the building in
January 2017.
Retail
-- We completed on the sale of four retail assets and have now
sold five of our eight out of town retail warehouses for a combined
GBP42.1m, at a total discount of 4.2% to their 31 March 2016 book
value.
-- At the Morgan Quarter, Cardiff we have continued with asset management initiatives at this multi-tenanted retail asset. We have completed 10 new leases securing GBP197,000 of income, four renewed leases securing GBP146,000 of income and have two reversionary leases in solicitors' hands.
-- Our GBP36m out of town retail development at Cortonwood
Shopping Park, funded by clients of Aberdeen Asset Management, is
under construction. The scheme, which is 95% pre let to H&M,
New Look, River Island, Marks & Spencer and others, is due to
complete in June 2017.
Retirement Villages
-- The retirement villages at Bramshott Place, Liphook; Durrants
Village, Faygate; and Millbrook Village, Exeter have continued to
perform strongly. We have completed on sales of 40 units since 1
April 2016 with a further three exchanged for a total sales value
of GBP17.7m, with 55 units reserved at the three sites for a total
sales value of GBP25.1m.
-- We have completed on the sale of Penally Farm, Liphook, for
GBP1.7m and exchanged on the sale of land to a care home operator
for GBP2.5m, with completion due in Q4 2016.
For further information, please contact:
Helical plc Tel: 020 7629 0113
Gerald Kaye (Chief Executive)
Tim Murphy (Finance Director)
Address: 5 Hanover Square, London W1S 1HQ
Fax: 020 7408 1666
Website: www.helical.co.uk
FTI Consulting Tel: 020 3727 1000
Dido Laurimore/Tom Gough/Richard Gotla/Clare Glynn
This information is provided by RNS
The company news service from the London Stock Exchange
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