Helical joint venture secures funding for City development

(Sharecast News) - Helical announced on Friday that, in joint venture with Places for London, it had secured a £125m development financing facility from HSBC to fund the construction of 10 King William Street, an over-station office scheme above Bank station in the City of London. The London-listed firm said at the same time that the joint venture had signed a building contract with McLaren, with construction already underway.

It said the development was scheduled for completion in December 2026.

The eight-level office building, the first of three initial sites in Helical's partnership with Places for London, would provide 139,000 square feet of office space, 7,260 square feet of terracing, 1,950 square feet of ancillary retail, and amenities including a 'wellness suite'.

It said the project was targeting the highest environmental, social and governance standards, including BREEAM 'outstanding', NABERS five-star, and WELL 'platinum' certifications.

The financing agreement would span four years with a one-year extension option, and would fund the remaining development costs of the project.

"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'," said Helical chief executive officer Matthew Bonning-Snook.

At 1221 GMT, shares in Helical were up 0.32% at 187.8p.

Reporting by Josh White for Sharecast.com.