Developer continues non-core disposal plan
Property developer Helical has sold its Morgan Quarter development in Cardiff for £54.9 million, in a continuing drive to concentrate on London and Manchester, according to a trading update released today.
It is one of a series of sales since April this year, which also include retail warehouses in Southend-on-Sea and Great Yarmouth - sold for £14.2m and £4.2m respectively.
Gerald Kaye (pictured), the company’s chief executive, said: “Since 1 April 2017 we have received planning consent at Power Road Studios, London W4 and Evesham for new schemes. These projects add to our potential to create valuation gains and development profits across our portfolio.”
In Manchester, Helical now owns four buildings with an end value of approximately £100m, once all asset management is completed, according to the trading update.
Kaye commented: “In our non-core portfolio, we have reduced our retail investment holdings to just one property with three regional offices also remaining. Sales at the retirement village portfolio have continued to perform strongly and construction is progressing well.”