Trading Update
Summary by AI BETAClose X
22 April 2026
HELICAL PLC
("Helical" or the "Company")
Trading Update for the Period Since 1 October 2025
Helical today provides an update covering its trading activity for the period 1 October 2025 to 21 April 2026 ("the Period") ahead of the publication of its Full Year results, which will be announced on Friday 22 May 2026.
Commenting on the Company's activities, Matthew Bonning-Snook, Chief Executive, said:
"The Period has seen further strong progress across our business, building on the significant momentum delivered in the first half of the year. At The Bower, EC1, the resurgence of the tech occupier market that we highlighted at our Half Year Results has translated into a c.20,000 sq ft letting of two floors to an AI platform, three further floors totalling c.32,000 sq ft going under offer, as well as regears with existing occupiers being agreed on a further five floors.
"Having acquired, financed and signed the main construction contract at our 240,000 sq ft development at Paddington, W2, we now have four office schemes, totalling over 700,000 sq ft, currently under construction. 100 New Bridge Street, EC4 is on track to achieve practical completion later this month, triggering completion of the forward sale of the building to State Street Corporation and a return of equity to the business. This will be followed by the completion of Brettenham House, WC2 and 10 King William Street, EC4 later in the year, with both best-in-class assets well positioned to take advantage of the strong rental growth being driven by a market with very tight supply.
"This pipeline is supplemented by our equity-light 429 bed PBSA scheme at Southwark, SE1, where, in February 2026, the joint venture agreed a forward funding with Places for London. With no further equity required to be injected, this has significantly de-risked the project and should generate a very strong return on investment. Finally, yesterday, our joint venture with Places for London successfully secured a planning consent for a new 55,000 sq ft office development in Farringdon, further bolstering our exciting pipeline."
Development Activity
· 100 New Bridge Street, EC4 - The 194,500 sq ft best‑in‑class office redevelopment is expected to achieve practical completion this month. Shortly after this, the building will be handed over to State Street Corporation, completing the £333m (Helical share: £166.5m) forward sale which was entered into in April 2025. The full refurbishment of this highly sustainable HQ building will have been delivered in 24 months and in line with the original budget.
· Brettenham House, WC2 - Works are at an advanced stage on the comprehensive redevelopment of this 128,000 sq ft Art Deco building, with completion due in Q3 2026 and encouraging levels of interest being shown by potential occupiers. During the Period, two floors have reached sectional completion and the external scaffolding has now been dismantled, unlocking the spectacular views down the River Thames from the newly created terraces. We are pleased to have been awarded a 5* NABERS Design for Performance rating, verifying the operational efficiency of the development.
· 10 King William Street, EC4 - This prime, 142,000 sq ft best‑in‑class City office development is due to reach practical completion in December 2026. Construction continues to progress well, with the scheme topping‑out in January 2026 and the façade installation now complete. In a City office market characterised by extremely limited best‑in‑class space, 10 King William Street is generating good letting interest. The scheme will offer highly efficient and flexible 20,000 sq ft floorplates, alongside a strong focus on occupier wellbeing including a comprehensive wellness suite and three levels of terracing.
· Southwark, SE1 - In February 2026, we exchanged contracts for Places for London to forward fund the 429 bed purpose‑built student accommodation component of the scheme. In parallel, contracts were exchanged for the forward sale of the affordable residential component of the scheme to Southwark Borough Council. This transaction represents a significant de‑risking of the project and the use of this equity-light structure should allow Helical the opportunity to generate a greater than 3.0x return. Having now received listed building consent, initial enabling works are due to start imminently, with delivery targeted for the start of the 2029/30 academic year.
· Paddington, W2 - In February 2026, our joint venture with Places for London completed the acquisition of the Paddington development site for £55m (Helical share: £28.1m). Following this, in March 2026, the main construction contract was signed with Mace, who will take possession of the site later in the year once Keltbray complete the initial enabling works package. Work to form the core and basement has already commenced with practical completion of this 240,000 sq ft scheme targeted for Q3 2028.
The scheme has achieved BREEAM Outstanding at design stage with an exceptional score of 97.4%, the second highest score achieved in the UK for a new build office, and is also targeting WELL Shell & Core Platinum, EPC A and a NABERS 5.5* rating.
· 63 Charterhouse Street, EC1M - On 22 April, Helical and Places for London received a resolution to grant planning permission for the development of a new c.55,000 sq ft office building on underutilised operational land immediately adjacent to the new London Museum in Farringdon. The joint venture has agreed heads of terms to acquire the site which will take place upon signing the s106 Agreement, when the consent will be implementable.
Letting Activity
· The Bower, EC1 - Significant letting progress has been made in the Period with the encouraging increase in enquiries in the Old Street sub-market now translating into tangible letting activity. In March, Helical exchanged contracts to lease the 5th and 6th floors of The Tower (19,592 sq ft of fitted space) to incident.io, an AI powered incident management platform.
Heads of terms have also been agreed with occupiers to lease the 3rd floor (10,022 sq ft) and 12th floor (9,572 sq ft) at The Tower. In addition, at The Warehouse, terms have been agreed with an existing tenant to lease the vacant 7th floor (12,398 sq ft) as expansion space whilst extending existing leases on its two other floors. Regear terms have also been agreed with an existing occupier on a further three floors of The Tower. Rents agreed on all of these transactions are in line with current ERVs and it is anticipated that they will exchange in May.
Upon completion of the leases where terms have been agreed, occupancy at The Bower would rise to 96.6%.
Financing
· During the Period Helical plc and Places for London entered into a £220m development financing facility with PIMCO Prime Real Estate, acting on behalf of institutional investors, to fund the acquisition and delivery of the Paddington scheme. The 4.5-year pari passu development facility reimburses 54.5% of the equity invested to date, funds 54.5% of the remaining development and finance costs and contains margin step-downs linked to the achievement of development and letting milestones as well as a one-year extension option.
For further information, please contact:
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Helical plc |
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Matthew Bonning-Snook (CEO) James Moss (CFO) |
Address: 22 Ganton Street, London, W1F 7FD Website: www.helical.co.uk Tel: 020 7629 0113 |
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FTI Consulting |
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Dido Laurimore Richard Gotla Andrew Davis |
Email: Schelical@fticonsulting.com Tel: 020 3727 1000 |
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