TfL joint venture set to give property firm Helical major boost in development pipeline

In February 2023, Helical was selected by TfL's wholly owned commercial property company, TTL Properties Limited, as the preferred investment partner for its commercial office portfolio joint venture. Contracts are expected to be concluded in the near future to formalise the joint venture.

The firm is also working on a 192,000 sq ft, 10 storey development at New Bridge Street in London, set to be complete in spring 2025. A resolution to grant planning permission on the development has been received from the City of London and the final decision notice will be issued upon completion of the Section 106 Agreement.

Chief executive Gerald Kaye, said: “With 100 New Bridge Street, EC4 due to start later this year and these three TfL schemes spread over the period from 2024 to 2026, this pipeline, our most significant for a number of years, is scheduled to deliver best-in-class office space into an undersupplied market each year from 2025 to 2028.

“There remains a shortage of best-in-class newly refurbished or redeveloped office buildings in central London, a dynamic that is likely to persist for the rest of this decade as the market plays catch up.

“With an experienced management team, a substantial development pipeline, no legacy assets and historically low gearing levels, Helical is well positioned to capitalise on the ongoing market dislocation and structural trends impacting the office sector."