Helical receives 83% of March rent

Helical has collected 82.8% of rent owed for the March quarter, along with nearly 93% of rent for all of 2020. Helical said it expected to receive between 91% and 95% by the end of June, through cash receipts from agreed payment plans. The firm has been paid 92.9% of the total amount owed for the March, June, September and December 2020 quarters. Of the balance, it has granted rent holidays on 4.9%, mainly to food and beverage tenants, leaving 2.2% which is subject to ongoing discussions with tenants. Gerald Kaye, chief executive, said: “There appears to be a growing sense of optimism that the easing of the current restrictions by the government will continue as scheduled and that, over the next few months, businesses of all types will resume operations in line with the roadmap that has been outlined. It is to be hoped that there are no setbacks on this return to normality. “As part of this we expect to see the increasing reoccupation of all our buildings by our tenants, supported and supplied by the many local businesses that rely on this for their custom.” Kaye added that the firm has let space at rents above ERV. The landlord completed five lettings across its London portfolio between 1 October 2020 and the end of March this year, including its 88,581 sq ft leasing deal with TikTok. The remaining four deals totalled 5,179 sq ft. In Manchester, it has let the third and fourth floors at its Trinity building to law firm Kennedys, two fifth-floor offices to Tosca Debt Capital and Saffrey Champness and a ground-floor shop space. These lettings totalled 24,113 sq ft, delivering £700,000 of contracted rent at a 4.1% premium to March book values. It takes the building to 41% let, with a further floor and retail unit currently under offer that would increase this to 51%.   To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette