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Orchard Street snap up £34.5m Hammersmith office development

Investment firm Orchard Street Investment Management UK have acquired a Hammersmith office development for £34.5m from developers Helical.

One King Street in West London was acquired by Helical from receivers in 2012, who have since undertaken significant refurbishment work at the site.

Totalling 26,000 sq ft of offices along with retail units on the ground floor, Helical have refurbished the office space at the building and added an additional floor as part of their development work.

The sale of the fully let property comes after the developers disposed of four multi-million pound logistics assets in October.

Tom Anderson, Senior Investment Executive at Helical commented: “Having delivered on our business plan to provide a good quality institutional grade investment, this had now become one of our more mature investments and we therefore took the opportunity to make this disposal, the proceeds of which will be recycled into our London development and refurbishment programme.”

In a separate deal, developers U+I have also announced the disposal of Elizabeth House in Woking which it said realised a profit ‘in excess of £3.5m’ on the building.

U+I’s Chief Executive, Matthew Weiner, said: “The sale of this site takes development and trading profits in the year to date to £30 million with further gains expected in the next few months to the end of the financial year.”

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