For Mike Slade, the property veteran and Helical Bar chief executive, the severe downturn in the commercial property market is a “once or twice” in a lifetime buying opportunity.

However, despite what he calls mouthwatering prices, Mr Slade said that he remained patient and would wait until next spring or summer before buying assets.

“We are seeing stuff at mouthwatering prices, but it [the market] is still a falling knife,” he said. “We're approaching the nadir, which will be shortly after the March valuations next year.”

Mr Slade is likely to pounce on properties in partnership with a private North American opportunity fund, with which he has set up a relationship. He declined to name the private equity partner but said that Helical Bar has about £72 million of its own cash for purchases and would look at any property assets with yields of above 8.5 per cent.

“We have built up our own cash resources and agreed joint-venture arrangements with well-capitalised partners who are eager to invest alongside us where and when we find compelling value,” he said.

Helical Bar, which specialises as an investor and developer in retirement villages, student accommodation and property outsourcing, reported a strong set of half-year results, with pre-tax profits climbing by 74 per cent to £12.7 million in the six months.

The main contribution was a leap in development profits from £4.3 million last year to £7.9 million, despite writedowns of trading and development stock of £13.1 million.

Helical's net asset value fell by 5per cent to 333p a share, but this figure is largely irrelevant as the company did not undertake a revaluation of its investment portfolio.

Mr Slade said that there were three challenges to the property market. The first is to protect the business it has, the second is to team up with an investor and “make mayhem” in the market and the third is to ensure that a business still exists.

Of the outlook for the property market, Mr Slade said there were still worrying signs. “It's going to get worse on the high street and buildings are going to empty,” he said.

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