TIDMHLCL
RNS Number : 0414Q
Helical PLC
15 February 2023
HELICAL PLC
("Helical" or the "Group")
Transport for London selects Helical as preferred commercial
office portfolio joint venture partner
-- Helical is selected to progress to preferred bidder stage
with TfL for its commercial office portfolio joint venture
-- Portfolio will create well-connected, sustainable and
inclusive workspaces across central London and includes three
over-station development sites at Bank, Paddington and
Southwark
-- New partnership is part of TfL's wider property development
programme, which is delivering operational benefits and generating
vital revenue to allow TfL to keep the city moving and invest in
safe, green and reliable public transport
Transport for London (TfL)'s wholly owned commercial property
company, TTL Properties Ltd (TTLP), has announced it has selected
Helical as its preferred investment partner for its sustainable
commercial office portfolio across central London, subject to
contract negotiations and a 10-day standstill period.
Helical was selected as the preferred investment partner after a
competitive procurement process involving a group of central
London's most accomplished office developers and investors. TTLP,
advised by JLL and Herbert Smith Freehills LLP, assessed the
potential partners' sustainability strategies, partnering approach,
and investment proposals for its development sites at Bank,
Paddington and Southwark.
The partnership will see the delivery of new high-quality and
sustainable office space above or close to Tube stations, which
currently consist of three new commercial office developments at
Bank, Paddington and Southwark. All three sites have full planning
permission to deliver sustainable commercial office developments
that provide exceptional workplaces and positively impact the local
community.
-- Bank Over-Station Development - located above the new station
entrance on Cannon Street, this eight-storey development, along
with a basement, will include both office and retail space,
measuring around 140,000 sq. ft. Net Internal Area (NIA), external
terraces on fifth, sixth and seventh floors and a green roof. A
start on site is envisaged next year.
-- Paddington Over-Station Development - located by Grand Union
Canal and close to the new Elizabeth line station at Paddington,
this 19-storey building currently has permission to deliver new
office and retail space measuring around 235,000 sq. ft. NIA. It
will include a canal side reception and use a ground and air source
heat pump system. A start on site is anticipated in 2026.
-- Southwark Over-Station Development - located above Southwark
Tube station on the Jubilee line, this 17-storey hybrid timber
building is set to be one of the greenest and healthiest
large-scale commercial buildings in the UK. Measuring around
220,000 sq. ft. NIA, it will provide a mixture of commercial office
space and retail space and has external terraces on most floors .
It is expected that construction would start in 2025.
The joint venture company will purchase leasehold interests in
the sites from TfL and establish individual property companies for
each of the sites. The sites will then be developed directly by the
company, which is to be funded with equity and debt. Other
properties and development opportunities may in the future be
acquired by the joint venture, expanding the partnership's
portfolio, subject to feasibility and assessment.
The buildings will be constructed on the basis of Net Zero
Carbon and the joint venture will collaborate with tenants to
target a rating of BREEAM Outstanding and Platinum WELL v2
Core.
The sites will also fully incorporate a focus on active travel
options for occupants, with the three sites providing almost 900
cycle spaces collectively. Combined with their close proximity to
the public transport network, these new developments will encourage
those who occupy the buildings in the future to travel
sustainably.
Matthew Bonning-Snook, Property Director at Helical, commented:
"This is a hugely exciting opportunity for us to partner with one
of London's largest landowners to deliver three superbly located
schemes, with an ambition to bring forward additional schemes
within this long-term joint venture. The intention is to deliver c.
600,000 sq ft of much needed sustainable, best-in-class office
space incorporating smart technology, high quality amenities with a
focus on occupier wellbeing and adopting modern methods of
construction in their delivery."
Scott Anderson, Head of Property Development at TTL Properties
Ltd, said: "We're delighted to have selected Helical as our
preferred investment partner as we take forward our commercial
office portfolio and create best in class commercial office
workspaces that reflects our confidence in London and will
positively impact the capital and its green recovery.
"This new joint venture complements our wider commercial
development programme, which will see us deliver thousands of new
and affordable homes in London, develop our estate to support small
businesses and train the next generation entering the construction
industry. This partnership will also help deliver operational
benefits and generate vital additional revenue, which can be
reinvested into the transport network and help fund a safe, green
and reliable public transport network."
This partnership forms part of TfL's wider development activity
that is being taken forward through its wholly owned commercial
property company, TTLP, which, alongside new commercial office
developments, will see thousands of high-quality new homes -
including affordable housing - built on its land across the
capital. TTLP currently has more than 2,000 homes completed or with
work started on site, a total set that is set to double in the next
two months as work begins on more TTLP sites.
ENDS
For further information, please contact:
Helical plc 020 7629 0113
Matthew Bonning-Snook (Property Director)
Tim Murphy (CFO)
Address: 5 Hanover Square, London W1S 1HQ
Website: www.helical.co.uk
Twitter: @helicalplc
FTI Consulting 020 3727 1000
Dido Laurimore/ Richard Gotla
schelical@fticonsulting.com
Additional Information
-- The contract award is subject to contract negotiations and a 10-day standstill period.
-- The proportions of the equity joint venture will see TfL take
a share of 49 per cent with Helical taking 51 per cent as the
majority stakeholder.
-- TTLP's and Helical's commitment to building a greener London
is also reflected in the publication of TfL's Sustainable
Development Framework. Published in 2021, the framework, which is
closely aligned to both TfL's Corporate Environment Plan and the
Mayor's Recovery Programme, sets out TfL's approach to driving
positive social impact, promoting economic development, and
embodying environmental stewardship across its developments. -
tfl.gov.uk/corporate/publications-and-reports/property-policies
-- TfL is being advised by JLL, Newbridge Advisors and Herbert Smith Freehills.
-- Helical is being advised by Knight Frank and Clifford Chance.
-- London Stock Exchange-listed Helical specialises in
developing and owning the highest quality office buildings in
central London. It seeks to provide the most attractive and
sustainable workplaces with market leading tenant amenities and the
most up to date building technologies to enable forward looking
organisations to prosper.
-- Transport for London is taking forward its development
activity through a commercial property company (TTL Properties)
that is wholly owned by TfL, but financed independently of the
transport network. The programme will see new commercial office
developments and thousands of high-quality new homes, including
affordable housing, built on its land across the capital as well as
investment in its current commercial asset base. TTLP currently has
more than 1,750 homes under construction and more than 250 already
completed. Currently, work is forecasted to start this financial
year on a number of additional sites that will deliver a further
2,300 homes.
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END
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