13th Jul 2023 09:39
(Alliance News) - Helical PLC on Thursday reported that it had made good progress with its development pipeline.
In a trading update for the period between April 1 and July 12, Helical said 97.4% of quarter rent had been collected, with a further 1.5% expected to be collected.
Helical said that the remaining 1.1% outstanding for the June quarter rent is under discussion.
Between April 1 to July 12, Helical said it completed four new lettings total 9,967 square feet net internal area.
Helical said it is on track to take the vacant 100 New Bridge Street building at EC4 in the fourth quarter, and that the refurbishment will begin in the second quarter of 2025.
Chief Executive Gerald Kaye said: "Since the start of the financial year we have made good progress with our development pipeline, which totals almost 800,000 square feet, of "best-in-class" office space to be delivered into an undersupplied market over the course of the next 5-6 years."
The company on Wednesday said that it has been confirmed as the joint venture partner with Transport for London's wholly owned commercial property company for its sustainable commercial property portfolio.
"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 600,000 square feet," said Helical.
Helical declared a total dividend of 8.70 pence per share, bringing the total dividend to 11.75p per share, up from 11.15p the prior year.
Shares in the London-focused property investment and development firm were down 0.042% at 267.89 in London on Thursday morning.
By Will Neill, Alliance News reporter
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