REG - Helical PLC - DEVELOPMENT FUNDING AGREED FOR 10 KING WILLIAM ST

HelicalAnnouncement

14/02/2025 07:15

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RNS Number : 0753X  Helical PLC  14 February 2025

 

 

 

 

 

14 February 2025

HELICAL PLC

("Helical" or the "Company")

 

Helical enters into £125 million development financing arrangement with HSBC
to fund 10 King William Street office scheme, London, EC4

 

-Simultaneously a building contract has been signed with McLaren-

 

Helical plc and Places for London, the TfL property company (together the
"joint venture") have entered into a development financing arrangement with
HSBC to provide £125 million to fund the construction of 10 King William
Street, the over-station development at Bank station.

 

Simultaneously, the joint venture has signed a building contract with McLaren,
with construction work already underway and the building scheduled to complete
in December 2026.

 

10 King William Street is located at the centre of the City Core, sitting
above Bank station entrance on Cannon Street which opened in February 2023.
The first of three initial sites in Helical's joint venture with Places for
London, the 'best-in-class' eight-storey office development will deliver
139,000 sq ft net internal area (NIA) of office space, with 7,260 sq ft of
terracing, 1,950 sq ft of ancillary retail and extensive occupier amenity
provision, incorporating a comprehensive wellness suite. The building is
targeting the highest ESG credentials including BREEAM Outstanding, NABERS 5*
and WELL Platinum.

 

The four-year facility with a one-year extension will fund the remaining
development costs.

 

Matthew Bonning-Snook, Chief Executive of Helical plc, said:  "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'."

 

Scott Anderson, Head of Property Development at Places for London, said: "Our
investment alongside HSBC and Helical in this best-in-class workspace is a key
part of our wider strategy to grow long-term income for Transport for London,
to be reinvested into the public transport network.  This development will
unlock the full potential of this well-connected part of central London used
recently for the upgrade of Bank station and will provide London's
construction industry with vital training, skills and employment opportunities
throughout construction."

 

Claire Illingworth, Relationship Director, HSBC UK said: "We are delighted to
build on our existing relationship with both Helical plc and Places for London
with this development financing facility. In addition to their approach to
sustainability, 10 King William Street will offer a fantastic occupier
experience in the heart of the City of London, and we are pleased to be part
of it".

 

 

For further information, please contact:

 

 Helical plc
 Matthew Bonning-Snook (CEO)  Address:         22 Ganton Street, London W1F 7FD
 Tim Murphy (CFO)             Website:        www.helical.co.uk (http://www.helical.co.uk)

                              Tel:                  020 7629 0113

 FTI Consulting
 Dido Laurimore               Tel:                  020 3727 1000

 Richard Gotla

 Andrew Davis

Schelical@fticonsulting.com (mailto:Schelical@fticonsulting.com)

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