Helical confident in outlook for prime London offices

(Sharecast News) - Helical said in an update on Thursday that it remained confident in the outlook for prime central London offices, as it reported progress across multiple development projects and reaffirmed its growth ambitions ahead of its annual general meeting. Chief executive Matthew Bonning-Snook said the London-listed company continued to deliver on its strategy of developing best-in-class buildings in desirable central London locations.

"Underpinned by our forward sale of 100 New Bridge Street to State Street Corporation ... we are confident that strong demand for the best buildings will continue to drive rental growth," he said.

During the reporting period from 1 April to 16 July, Helical exchanged contracts for the forward sale of 100 New Bridge Street for £333m, with the 194,500 square foot refurbishment due to complete in April 2026.

Its refurbishment of Brettenham House was also advancing, having topped out during the period and achieved WELL precertification.

The company said its joint venture with Places for London (PfL) also marked key milestones.

Terms were agreed to forward fund a 429-unit purpose-built student accommodation scheme above Southwark station, while enabling works have begun at the Paddington office development ahead of the site acquisition in January.

At 10 King William Street, all conditions were met to draw down a £125m development facility, with the scheme securing a five-Star NABERS Design for Performance rating.

Helical said it was continuing to explore new opportunities in both office and mixed-use developments, using a range of capital-efficient structures to deploy its equity.

Board changes were also confirmed, with James Moss becoming chief financial officer following the AGM, succeeding Tim Murphy.

Senior independent director Sue Clayton was stepping down, with Sue Farr appointed in her place.

A final dividend of 3.5p was proposed for the year ended 31 March, bringing the total annual payout to 5p, up from 4.83p last year.

If approved at the AGM, the dividend would be paid on 4 August.

At 1324 BST, shares in Helical were down 0.23% at 221.5p.

Reporting by Josh White for Sharecast.com.