Market moving in our direction, says new Helical boss
Helical chief executive Matthew Bonning-Snook is feeling confident in the future of the business.
The group’s new boss, who took over from Gerald Kaye in the summer, said the “market appears to be moving in our direction” as he delivered a trading update ahead of interim results on 26 November.
“It has been a busy six months during which we have made good progress delivering on the targets we set ourselves earlier this year,” said Bonning-Snook. “Construction is now under way on three new office schemes, with plans progressing at the remaining future development sites. A new revolving credit facility is in place which pushes out our debt maturity, and proactive management of our investment portfolio is reducing vacancy.”
Helical chief executive Matthew Bonning-Snook is feeling confident in the future of the business.
The group’s new boss, who took over from Gerald Kaye in the summer, said the “market appears to be moving in our direction” as he delivered a trading update ahead of interim results on 26 November.
“It has been a busy six months during which we have made good progress delivering on the targets we set ourselves earlier this year,” said Bonning-Snook. “Construction is now under way on three new office schemes, with plans progressing at the remaining future development sites. A new revolving credit facility is in place which pushes out our debt maturity, and proactive management of our investment portfolio is reducing vacancy.”
He added: “We will continue to recycle our portfolio, as market conditions allow, providing funds for our future pipeline as well as containing our gearing levels. The market appears to be moving in our direction, with our best-in-class office developments due to deliver into a supply-constrained 2026.”
The three schemes under construction include 100 New Bridge Street, EC4, where works have started on a “carbon-friendly” new office development. A joint venture with Orion Capital Managers has been agreed for the project with a £155m development facility with NatWest and an institutional lender in place. The scheme is scheduled for completion in April 2026.
The repositioning of Brettenham House, WC2, is also under way and scheduled for an April 2026 completion, while 10 King William Street, EC4, the first of three initial sites to be developed in joint venture with Transport for London’s property company, Places for London, will deliver 140,000 sq ft of office space with an additional 2,000 sq ft of ground-floor shops. It is scheduled to complete in December 2026.
Terms have been agreed for a four-year, £125m development facility to fund the construction works.
