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Helical sells Morgan Quarter for £55m

15 May 2017 07:15

Helical sold The Morgan Quarter in Cardiff to LaSalle Investment Management, for £55m.

The sale price was in line with Helical's March 2016 book value and reflected a net initial yield of 5.9% and a reversionary yield of 6.9%.

Helical acquired the former David Morgan Department Store and two Victorian arcades in 2005.

Since then it undertook a substantial value enhancing refurbishment programme, delivering more than 300,000 square feet of retail and office space which was let to a number of established retailers and local businesses including White Stuff, Jack Wills, Urban Outfitters and Molton Brown.

An additional 56 residential apartments were built above the retail space, which were sold.

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Related Company: HLCL

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