Property company Helical Bar reported a robust trading statement last Friday, but frontman Mike Slade's market outlook is far from upbeat.
Although Helical is seeing signs that the London office market is recovering, Mr Slade warned that the occupational market remains weak in nearly all sectors, with rental values continuing to decline, and tenants taking advantage of the market to secure more advantageous lease terms.
Helical made its return to the investment market in December, securing the £69m purchase of the Clyde Shopping Centre in Clydebank in a 60:40 joint venture with Prime Commercial Properties, which it hopes to enhance through asset management. It also secured a number of lettings and lease renewals on its portfolio, but the positive impact on rents was negated by seven vacating tenants, and two going into administration.
Price: 310p
Date: 30 Jan 2009
