The property investment and development company has sold C-Space at 37-45 City Road (pictured above), to Meadow London Core-Plus Fund LP with the sale price reflecting a net initial yield of 4.6%.

The former carpet factory was acquired by Helical in June 2013 and planning permission was obtained for its complete refurbishment to increase the floor space from 50,000 sq ft to 63,500 sq ft.

Since completion in October 2015, C-Space has become attractive to the creative industries, with 75% of the space let to creative agency MullenLowe and 25% to NeuLion, a technology product and service provider.

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“The acquisition, refurbishment and now disposal of C-Space is a great case study illustrating what Helical does best, applying imagination to ordinary buildings to create beautiful, contemporary workspaces, while generating significant shareholder value,” said Matthew Bonning-Snook, property director at Helical.  

“Proceeds from the disposal will go towards reducing gearing levels.”

C-Space was the winner of the Architects Journal Retrofit award for offices over 2,000m2 as well as the winner of commercial building of the year at the Schueco Excellence Awards in 2016.

Mike Tremayne, a principal at Meadow Partners, said it was delighted to acquire the award-winning building and said it provided the fund with exposure to London’s highly dynamic tech-belt and creative submarket. 

“The yield arbitrage to the City prime will ensure long-term performance and complement our growing investment platform. 

“This transaction – which is now the eighth acquisition for the fund since its inception in 2014 – exchanged in an exceptionally tight timeframe, and fully endorses our exemplary track record for highly swift and efficient deal execution.’’

Hall Kemp and Savills acted for Helical PLC and Cushman & Wakefield worked on behalf of Meadow Partners.