TIDMHLCL
RNS Number : 7043F
Helical PLC
12 July 2023
12 July 2023
HELICAL PLC
("Helical" or the "Group")
Helical signs contract to partner with Transport for London on
commercial office portfolio joint venture
Further to the announcement on 15 February 2023 that Transport
for London (TfL)'s wholly owned commercial property company had
selected Helical as its preferred investment partner for its
sustainable commercial office portfolio across central London,
contracts have now been signed confirming Helical as the joint
venture partner.
The partnership will see the delivery of new high-quality and
sustainable office space above or close to London Tube stations,
which currently consist of three new commercial office developments
at Bank, Paddington and Southwark, totalling c. 600,000 sq ft. All
three sites have full planning permission to deliver sustainable
commercial office developments that provide exceptional workplaces
and positively impact the local community.
Matthew Bonning-Snook, Property Director at Helical, commented:
"As more organisations are recognising the important benefits of
staff collaborating through being physically together in the
office, London faces a shortage of tech enabled, highly sustainable
space with excellent amenities. In partnership with TfL, we look
forward to delivering an initial c. 600,000 sq ft of the very best
offices in what remains Europe's pre-eminent financial and cultural
centre."
Scott Anderson, Head of Property Development at TfL, said: "With
more people returning to London to work following the pandemic, we
look forward to investing in many of central London's
best-connected places to create a portfolio of enjoyable, healthy,
innovative, and highly sustainable offices. This new joint venture
complements our wider commercial development programme, which will
see us deliver thousands of new and affordable homes in London, and
generate additional revenues, to help fund a safe, green and
reliable public transport network."
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 three schemes are:
-- 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 proximity to the
public transport network, these new developments will encourage
those who occupy the buildings in the future to travel
sustainably.
-- The equity joint venture split is 51% Helical and 49% TfL
-- TfL'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
-- 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 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.
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