Top Gear Team's Chiswick Office Gets New Landlord
Helical Bar buy Power Road Studios site for £34million
In one of the largest ever commercial property deals in Chiswick, Helical Bar have paid £34.2 million for Power Road Studios.
They have acquired from Sapcote Development the two acre site which contains 5 buildings including the offices that Jeremy Clarkson and the former Top Gear team have recently moved into.
Power Road Studios (Google Street View)
All 62,000 sq ft of the complex which includes the former BBC studios building is currently fully let at average rents reported to be £25.00 psf.
The thirties building is deemed to be of some architectural value by local amenity groups and may be a candidate for listing. Helical Bar appear to be keeping their options open as to whether to develop the site or hold for the yield which is 4.4% based on the acquisition price.
Duncan Walker, Helical’s Investment Director, said: “This acquisition underpins our continued belief in the London market and complements our existing West London portfolio. It offers immediate income, the potential for the creation of additional space and the luxury of choice as to when to implement any construction activity. It is located in a market which we know extremely well and where we are confident that we can capture the reversionary potential of the asset.”
This Thursday the Hounslow Council planning committee will be considering plans to build a seven storey office block near to Power Road Studios at 250 Gunnersbury Avenue. The scheme has the support of the West Chiswick and Gunnersbury Society.
December 8, 2015