Helical Bar sells Network Rail building for £43m

Property investor and developer Helical Bar has sold Enterprise House in Paddington, London, to a private overseas buyer for £43m.

The 45,000 sq ft Art Deco Network Rail office was acquired in 2013 by Helical Bar in a 20 year sale and leaseback transaction with Network Rail.

Helical Bar said the sale proceeds will be used to repay debt of £30m, with the balance retained for investment in its portfolio.

Helical Bar’s Investment Director Duncan Walker said:” This disposal enables us to capitalise on the strong London market, freeing up capital to deploy into our other London opportunities which will benefit from Helical’s expertise in extracting latent value through development, refurbishment and asset management.”