Workspace Group has bought a former Inland Revenue tax office in West London from Helical for £125.3m (€140.7m)

Listed property firm Helical said it has agreed to sell The Shepherds Building on Rockley Road to enable it to recycle capital into new value-add and development opportunities.

This sale follows Helical’s recently completed business transformation which has resulted in a pure focus on high quality, design-led office and mixed-use schemes in London and Manchester, Helical said.

The Shepherds Building was acquired by Helical for £12.8m in 2000. This purchase was followed by a full refurbishment of the property and the addition of an extra floor.

The 150,000 sq ft building has eight floors and is 99% let to 32 different occupiers.

Gerald Kaye, Helical’s CEO said: “We have enjoyed 18 strong years of ownership at The Shepherds Building. We took the decision to dispose of the asset as it will allow us to recycle our equity into new projects to create future profits.”