TfL picks Helical as office investment partner

Transport for London’s property arm has named Helical as its preferred investment partner for its commercial office portfolio across central London, which includes a trio of over-station developments at Bank, Paddington and Southwark. TfL’s TTL Properties chose Helical after a competitive procurement process that involved assessing potential partners’ sustainability strategies, partnering approach and investment proposals for the three development sites. Helical will take a 51% majority stake in the equity jv, with TTLP owning the remainder. All three sites have full planning permission for the office schemes, which measure around 600,000 sq ft combined. The over-station development at Bank station, EC3, will measure around 140,000 sq ft across eight storeys and includes office and retail space. It will be located above the new station entrance on Cannon Street. Works are expected to begin next year. At the 19-storey Paddington scheme, W2, the transport body has permission for around 235,000 sq ft of office and retail space (pictured above). It will include a canal-side reception and use of a ground and air source heat pump system. Construction is slated to start in 2026. The Southwark over-station scheme, SE1, will be located above the Underground station on the Jubilee line. It will be developed as a 17-storey hybrid timber building, comprising around 220,000 sq ft of office and retail space. Works are set to begin in 2025. The partnership agreement is subject to contract negotiations and a 10-day standstill period. [caption id="attachment_1170342" align="aligncenter" width="847"] Bank over-station development[/caption] Scott Anderson, head of property development at TTLP, said its office developments will reflect its “confidence in London and will positively impact the capital and its green recovery”. He added: “This new joint venture complements our wider commercial development programme, which will see us deliver thousands of new and affordable homes in London, develop our estate to support small businesses and train the next generation entering the construction industry. “This partnership will also help deliver operational benefits and generate vital additional revenue, which can be reinvested into the transport network and help fund a safe, green and reliable public transport network.” Matthew Bonning-Snook, property director at Helical, commented: “This is a hugely exciting opportunity for us to partner with one of London’s largest landowners to deliver three superbly located schemes, with an ambition to bring forward additional schemes within this long-term joint venture. “The intention is to deliver around 600,000 sq ft of much-needed sustainable, best-in-class office space incorporating smart technology and high-quality amenities with a focus on occupier wellbeing, and to adopt modern methods of construction in their delivery.” TTLP has more than 2,000 homes completed or with work started on site. That figure is expected to double in the next two months as work begins on more sites. JLL is advising TTLP, while Knight Frank is acting for Helical. [caption id="attachment_1170349" align="aligncenter" width="847"] Southwark over-station development[/caption] To send feedback, e-mail pui-guan.man@eg.co.uk or tweet @PuiGuanM or @EGPropertyNews See which agents are doing the most deals in the London submarkets with our On-Demand Rankings >> Photos: Paddington © Grimshaw Architects Bank © Miller Hare