Helical Bar has released its interim management statement today (February 13th), which includes updates on its schemes involving commercial London offices
For the period since September 30th 2011, acquisitions totalling around £90 million have been completed across all of its portfolios, while annual rental income has climbed by £5.8 million.
One of its more recent acquisitions was the £14.1 million purchase of Broadway House in Hammersmith.
The 35,000 sq ft building at 1/15 King Street, W6, has four floors of London offices
above retail space on the ground floor. Tenants at the premises include Cafe Nero, Pakistan Airways, Kaplan Financial and Lloyds TSB. The Powerhouse in Chiswick was also snapped up for £3.7 million.
Commenting on the financial results, chief executive of Helical Bar Michael Slade said: "We have continued to make substantial progress in identifying and acquiring assets with the potential to provide future capital and income growth, as well as with our drive to recycle capital from our existing portfolio."
Other London developments have also taken place. A planning application is set to be submitted during the summer for the Dairy Crest site at Wood Lane, White City for a 1.5 million sq ft mixed-use scheme.
Helical Bar also wants to redevelop Barts Square, EC1, into a mixed-use scheme containing 240,000 sq ft of commercial City offices
, while progress has been made at Fulham Wharf, SW6, for 463 residential units and a 100,000 sq ft Sainsbury's.
Following the news, Helical Bar had climbed up the London Stock Exchange by just under a percentage point as of 10:23 GMT, up by two points on Friday's close.
On the FTSE 100, British Land, Hammerson and Land Securities had risen by 0.41 per cent, 1.28 per cent and 0.52 per cent respectively, representing a strong morning for commercial property firms on the exchange.
Posted by David Hudek
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