Helical ‘cautiously optimistic’ as best-in-class space reduces
Helical is looking forward to the rest of 2024 with a “cautiously optimistic” spring in its step.
In an update to the market this morning, chief executive Gerald Kaye said the business was “looking ahead to the rest of year with cautious optimism as we progress the delivery of best-in-class office space into what is becoming an increasingly undersupplied market”.
The group said it had signed a flurry of new leases at its JJ Mack Building, EC1, and The Bower, also EC1, at values above 31 March 2023 ERVs, with further space under offer, and that rent collection for the year remained robust at 99%.
Helical is looking forward to the rest of 2024 with a “cautiously optimistic” spring in its step.
In an update to the market this morning, chief executive Gerald Kaye said the business was “looking ahead to the rest of year with cautious optimism as we progress the delivery of best-in-class office space into what is becoming an increasingly undersupplied market”.
The group said it had signed a flurry of new leases at its JJ Mack Building, EC1, and The Bower, also EC1, at values above 31 March 2023 ERVs, with further space under offer, and that rent collection for the year remained robust at 99%.
At the 200,000 sq ft JJ Mack, Helical reconfirmed the letting of the 15,484 sq ft eighth floor to arbitration firm Three Crowns and the letting of two of the three ground-floor retail units to Sainsbury’s.
The fourth floor (23,566 sq ft) and ground floor office space (7,128 sq ft) are also under offer, said Helical.
At The Bower, Helical updated on its negotiations with WeWork, signing a lease with the troubled flex operator until 14 June 2024 outside the Landlord and Tenant Act, enabling it to continue to meet its obligations to its customer, Stripe, and on lettings to Verkada, which has taken 11,306 sq ft, and to Incubeta, which has taken 9,568 sq ft. Both are existing tenants in the tower.
Full-year results will be published on 23 May.
