Helix Property Advisors sells the First Secretary Of State HQ, Portsmouth

Helix Property Advisors, on behalf of Derby Property Investors, has sold the freehold of Wingfield House, Commercial Road, Portsmouth to Fairmount Development Limited for £8.7 million, reflecting a net initial yield of 12.9%.

The prominent city centre office building is government let to The First Secretary of State on a lease expiring in 2026. Totalling 94,540 sq ft (8,783 sq m), the 11-storey, 1970s built property provides an annual rental income of £1,125,000 (£11.90 per sq ft/£128 per sq m).

Ben West of Helix Property comments: “With such a sound covenant and strong potential for future redevelopment, it’s no surprise that this investment received a lot of interest and sold for well over the asking price.”

Fineman Ross advised Helix Property Advisors and Fairmount Development was advised by Whitmarsh Holt Young and Lambert Smith Hampton.