ERTY developer Helical Bar has bought Enterprise House in Paddington for £31m through a sale and leaseback with Network Rail Infrastructure.
The rail network operator has agreed a 20-year leaseback of the Art Deco building at a rent of £40 per square foot, generating an annual rental income of £1.8m, Helical said yesterday.
The group has been on a spending spree since raising £80m through a retail bond offering in June, and booking another £62m of profits from the sale of 200 Aldersgate in the City and Brickfields in White City.
“The acquisition of provides a long term secure income stream, as well as exposure to the Paddington market where we anticipate strong rental growth,” Helical’s investment director Duncan Walker said.
“This brings our total spending on accretive investment properties since raising the retail bond in June to £155m,” Walker added.