Helical has simultaneously exchanged and completed contracts on the sale of Trinity, an office building in Manchester, to clients of Mayfair Capital, for £34.55m (£590 psf), reflecting a net initial yield of 5%.
The sale represents a premium to book value, net of rental top ups, the REIT said in a statement.
Built by Edward Salomans in 1865, the historic building is situated in the Manchester’s Central Business District located between the traditional city core and Spinningfields.
Helical acquired the property in May 2017 for £12.9m and undertook a comprehensive remodelling and refurbishment to deliver 58,533 sq ft of modern office space across ground and seven upper floors.
The property is currently 76% let to eight occupiers.
Will Parry, Senior Property Executive at Helical, commented: “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.”
Mayfair Capital Investment Director, Phil Sturdy, commented: “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.”