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Helical rent collection rises as further lettings completed

6th Apr 2023 09:01

(Alliance News) - Helical PLC on Thursday said it has completed five new lettings totalling 45,908 square feet, worth contracted rent of GBP4.1 million from October 1 to April 5.

The London-focused property investor and developer said that it has also completed the sale of a further eight residential apartments during the period.

As at April 5, it had collected 97.6% of the March quarter rent, up from 93.4% a year earlier. It said it expects to collect a further 1.2% via agreed payment plans.

For financial year ended on March 31, Helical has collected 98.5% of rent.

Chief Executive Officer Gerald Kaye said: "Demand from occupiers for well located, highly sustainable offices with good amenities, which are essential in attracting and retaining the top talent, is enabling landlords with the best buildings to command premium rents. With an experienced management team, a substantial development pipeline, no legacy assets and historically low gearing levels, Helical is well positioned to capitalise on the ongoing market dislocation and structural trends impacting the office sector."

Looking ahead, Helical said construction work at 100 New Bridge Street is anticipated to start in the fourth quarter of 2023, a new building to be completed in spring 2025.

The company will release its results for the financial year ended March 31 on May 23.

In February, Helical said the Transport for London's wholly-owned commercial property company, TTL Properties Ltd, chose to partner with the company to deliver office space above or close to London Tube stations.

Shares were up 1.5% at 305.50 pence each on Thursday morning in London.

By Xindi Wei, Alliance News reporter

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