14th Feb 2025 11:47
(Alliance News) - Helical PLC on Friday said its joint venture with Transport for London-owned property company, Places for London Ltd, has entered into a development financing arrangement for the over-station development at Bank station.
The GBP125 million financing arrangement has been made with HSBC Holdings PLC, said Helical, to fund the construction of 10 King William Street, representing the first of three initial sites in its joint venture with Places for London.
It said the eight-story office development will deliver 139,000 square feet net internal area of office space, with 7,260 square feet of terracing, as well as 1,950 square feet of "ancillary retail and extensive occupier amenity provision, incorporating a comprehensive wellness suite."
Helical noted that the remaining development costs will be funded by the four-year facility which has a one-year extension.
Helical also reported that its joint venture has signed a building contract with British luxury automotive firm, McLaren Group Ltd. Scheduled to compete in December 2026, it noted that construction work is already underway.
Helical shares were up 1.2% at 189.50 pence on Friday morning in London.
Helical Chief Executive Matthew Bonning-Snook commented: "This facility, secured on competitive terms, highlights the confidence in the London office market for 'best-in-class' assets, rich in tenant amenity, which will be delivered into a supply constrained City Core market where we are seeing strong rental growth and increasing momentum behind a more comprehensive 'return to the office'."
By Christopher Ward, Alliance News reporter
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