Disposal

Helical Bar PLC
13 April 2004




13 April 2004


                        Helical Bar plc ('Helical Bar')

             HELICAL BAR SELLS THE INTERCHANGE, CAMDEN, LONDON NWI


Helical Bar announces today that it has exchanged contracts on the sale of the
Interchange, Oval Road, Camden, London NW1 to the British Waterways Board 
('BWB') at a price of £21.5 million.

The property comprises a listed Victorian warehouse which was converted in 1990
to provide 55,317 sq ft of offices together with 10,536 sq ft of basement
storage and 59 car parking spaces.  The property is let to Associated Press
Television News until 25 December 2010 at a rental of £1,837,000 per annum.  The
transaction shows the purchaser a net initial yield of 8.08%.

BWB have paid Helical Bar a non-refundable £5 million deposit on which BWB will
receive an 8% coupon.  Helical Bar will continue to receive the rental income
from the property up to legal completion which is to be deferred until 29
September 2005.

During 2003, Helical Bar enhanced the income security of this investment by
securing The Associated Press as guarantor to the lease in consideration for a
rent free period of five months.  The sale price is at a 7.5% premium to Helical
Bar's 2003 year end valuation, net of the cost of the rent free period.

Helical Bar acquired the property for £14 million from receivers in 1999.



For further information, please contact:


Helical Bar
Tel: [phone]
Michael Brown/Nigel McNair Scott


Financial Dynamics
Tel: [phone]
Stephanie Highett/Dido Laurimore




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