Helical has sold its freehold interest in the Power House in Chiswick to Riverside Capital’s private investor syndicate for £7m in a deal reflecting a net initial yield of 7.3%.
The circa 21,000 sq ft property is let to Metropolis London Music for a further 19 years at a rent of £548,054 per annum, subject to an inflation-linked rent review in November 2026 and five-yearly reviews thereafter.
The Power House has been used as recording studios for more than 30 years by iconic artists such as The Rolling Stones, Elton John, George Michael and Amy Winehouse. The building also comprises 19 flats, which have been sold off on long leases.
Matthew Bonning-Snook, chief executive of Helical, said: “This sale is a further step forward in our plan to recycle capital into higher returning development opportunities in the London market.”
Dominic Wright, chief executive of Riverside Capital, added: “This marks our first deal in two years and the beginning of an acquisition programme. The Power House is an exciting piece of cultural history and it’s a privilege to be the current custodian of this fine, London institution.”
Cyril Leonard and Mishcon de Reya acted for Helical and Riverside Capital was represented by Laytons.
