Helical exits Manchester with £34.5m office sale

The real estate investment trust has sold Trinity on John Dalton Street to clients of Mayfair Capital. 

Helical’s £34.5m disposal reflects a net initial yield of 5%.  

Helical acquired Trinity in May 2017 for £12.9m and undertook a comprehensive remodelling and refurbishment to deliver 58,533 sq ft of modern office space across eight floors. 

The property is currently 76% let to eight occupiers including law firm Kennedys and Aew Architects. 

“This disposal again demonstrates our ability to successfully repurpose and reposition assets to create best in class buildings,” said Will Parry, senior property executive at Helical. 

“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 added: “This asset matches our client’s income requirement and reflects our strategy of investing in high-quality buildings with good amenities, located in core markets, to deliver our investors attractive, low-risk income returns.“ 

Helical was advised by TT&G Partners, Mayfair Capital was advised by CBRE. 

The sale of Trinity follows Helical’s decision to sell three more Manchester office assets in 2020. 

Tootal Buildings, 35 Dale Street and Fourways – a trio of buildings known as the Powerhouse Portfolio – were sold to real estate funds managed by Pictet Alternative Advisors and XLB Property.