Helical confirmed as TfL’s jv partner
Helical has signed contracts confirming it as TfL’s preferred investment partner for its commercial office development pipeline.
As 51% joint venture partner, Helical will deliver sustainable office space above or close to London Tube stations, which currently consist of three new commercial office developments at Bank, Paddington and Southwark, totalling around 600,000 sq ft.
All three sites have full planning permission.
Helical has signed contracts confirming it as TfL’s preferred investment partner for its commercial office development pipeline.
As 51% joint venture partner, Helical will deliver sustainable office space above or close to London Tube stations, which currently consist of three new commercial office developments at Bank, Paddington and Southwark, totalling around 600,000 sq ft.
All three sites have full planning permission.
Helical property director Matthew Bonning-Snook, said: “As more organisations are recognising the important benefits of staff collaborating through being physically together in the office, London faces a shortage of tech-enabled, highly sustainable space with excellent amenities.”
He stressed that the 600,000 sq ft pipeline was just the “initial” phase of development, with more to come. Other properties and development opportunities will be acquired by the jv in the future, expanding the partnership’s portfolio, subject to feasibility and assessment.
Scott Anderson, head of property development at TfL, said: “This new joint venture complements our wider commercial development programme, which will see us deliver thousands of new and affordable homes in London, and generate additional revenues, to help fund a safe, green and reliable public transport network.”
The jv will purchase leasehold interests in the sites from TfL and establish individual property companies for each of the sites. The sites will then be developed directly by the company, which is to be funded with equity and debt.
The three schemes are:
Bank Over-Station Development (pictured below): An eight-storey development of 140,000 sq ft, located above the new station entrance on Cannon Street. A start on site is planned for next year.
Paddington Over-Station Development (main picture): A 19-storey building totalling 235,000 sq ft, located by Grand Union Canal and close to the new Elizabeth Line station at Paddington. A start on site is expected in 2026.
Southwark Over-Station Development: A 17-storey hybrid timber building above Southwark Tube station totalling 220,000 sq ft. It is expected that construction will start in 2025 on what is hoped to be one of the greenest and healthiest large-scale commercial buildings in the UK.
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Images © Grimshaw Architects/Miller Hare
