Helical’s new chief executive has said the company has all the resources it needs to push ahead with its development pipeline in the capital, including not only offices but also projects that will take the business into “alternative uses” such as the student accommodation market.
In half-year results to 30 September, the company was back in the black with a £4.7m profit, turning around a £93.1m loss from a year ago. EPRA net tangible assets per share were steady at 331p.
In a results statement headed “Now Is The Time To Build”, chief executive Matthew Bonning-Snook said: “In my first six months as chief executive of Helical we have been implementing the strategy agreed following the business review undertaken earlier this year and have focused on shaping the company to best capture the cyclical growth opportunity. Our substantial development pipeline is set to deliver best-in-class office developments into a supply-constrained 2026 and beyond.”
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Helical’s new chief executive has said the company has all the resources it needs to push ahead with its development pipeline in the capital, including not only offices but also projects that will take the business into “alternative uses” such as the student accommodation market.
In half-year results to 30 September, the company was back in the black with a £4.7m profit, turning around a £93.1m loss from a year ago. EPRA net tangible assets per share were steady at 331p.
In a results statement headed “Now Is The Time To Build”, chief executive Matthew Bonning-Snook said: “In my first six months as chief executive of Helical we have been implementing the strategy agreed following the business review undertaken earlier this year and have focused on shaping the company to best capture the cyclical growth opportunity. Our substantial development pipeline is set to deliver best-in-class office developments into a supply-constrained 2026 and beyond.”
Bonning-Snook said disposals such as the £139.2m sale of its stake in the JJ Mack Building and the £43.5m sale of 25 Charterhouse Square, both EC1, as well as a reduction of the company’s loan-to-value ratio to a record low of 15.9% leave it “with all the anticipated equity it needs to complete its current development pipeline, including those schemes not yet started, providing the means to our future growth”.
That pipeline includes on-site schemes including a 194,500 sq ft project at 100 New Bridge Street, EC4; repositioning the 128,000 sq ft Brettenham House, WC2; and a joint venture with Transport for London at the 141,000 sq ft 10 King William Street, EC4.
Further out, the company has submitted a planning application for a purpose-built student accommodation scheme of 429 studio and 44 affordable housing units above Southwark station, SE1, and has plans for a 235,000 office development over Paddington station, W2.
Bonning-Snook added: “While retaining a focus on offices, we are widening our offering to incorporate alternative uses, such as the student accommodation being planned above Southwark Tube station, and we will continue to seek the best value use for sites in central London.”
