HELICAL PLC
(“Helical” or the “Company”)
Trading Update for the Period Since 1 April 2025
Helical today provides an update covering its trading activity for the period 1 April 2025 to 16 October 2025 ("the Period"), in advance of its Half Year results which will be announced on Wednesday 26 November 2025.
Commenting on the Company's activities, Matthew Bonning-Snook, Chief Executive, said:
"The Period has been characterised by significant activity across our exciting development pipeline, with construction progressing on our three live office development sites, at 100 New Bridge Street, Brettenham House and 10 King William Street, all delivering in 2026.
"Good progress has also been made on the future pipeline with enabling works commencing at Paddington prior to the site acquisition in January 2026 and further extensive design development work being undertaken at Southwark ahead of construction commencing on the PBSA scheme in 2026. Terms have been agreed with Places for London ("PfL") to forward fund the PBSA element and with the London Borough of Southwark to purchase the affordable housing block; we hope to conclude the legal agreements for these transactions in the coming weeks.
"With 465,000 sq ft of new best-in-class office space completing in 2026, we are encouraged to see the dual dynamics of increased active occupational demand and the scarcity of new office supply driving strong rental growth within the best-connected London sub-markets, where our pipeline is strategically located. Whilst there remains uncertainty in the wider macro-economic environment, we anticipate this letting momentum continuing and presenting the opportunity for Helical to realise strong returns for Shareholders. Furthermore, there has been a noticeable improvement in sentiment among investors towards the office sector with increased interest from global capital, which should translate into higher transaction volumes in the near term.
"With these market conditions continuing to support Helical's development focused strategy and the proceeds of the forward sale of 100 New Bridge Street providing additional equity upon completion, we anticipate adding projects to the development pipeline through our joint venture with PfL and are actively seeking further equity-light opportunities. An update on our progress will be provided with our Half Year results."
Development Activity
· 100 New Bridge Street, EC4 - All external structural works of this 194,500 sq ft back to frame redevelopment project are now complete. The team continue to work closely with State Street Corporation, ensuring the delivery of a highly sustainable, best-in-class new HQ building to them in April 2026, at which point the £333m (Helical share: £166.5m) forward sale will complete.
· Brettenham House, WC2 - Work is progressing on the comprehensive refurbishment of Brettenham House, with completion anticipated in summer 2026. This landmark building will deliver c.128,000 sq ft of prime office space with each floor benefitting from exceptional river views. Helical has worked to substantially remodel the building, introducing dual feature receptions and modern workspaces set within a historical context.
· 10 King William Street, EC4 - Construction continues at pace at 10 King William Street with steelwork erected to level six and topping out scheduled for December 2025. The development of this eight-storey, 141,000 sq ft best-in-class office scheme, located above the new Bank station entrance on Cannon Street is targeting practical completion in December 2026. With the supply of best-in-class office space severely constrained where the demand is most focused, we are seeing encouraging pre-let occupier interest.
· Southwark, SE1 - Negotiations are progressing well for the forward funding of the 429 studio PBSA development scheme located above Southwark Tube station. It is intended that contracts will be exchanged later in the year prior to commencement of major development works in 2026, once Gateway 2 approval is obtained. The extremely well located, studio-only PBSA scheme is expected to be available for occupation in Q3 2029.
· Paddington, W2 - Keltbray have begun preparatory works ahead of the formal site acquisition in January 2026. The main contractor, Mace, is now undertaking pre-construction services and negotiations are continuing with a preferred partner to provide the debt financing for the 235,000 sq ft office development, targeting completion in Q3 2028.
Sustainability
We continue to perform well against our sustainability goals and targets, maintaining our Gold status from the EPRA Sustainability Best Practice Recommendations. More recently we were pleased to receive our positive GRESB ratings across both our standing investments and development portfolio, with scores of 88/100 and 94/100 respectively.
Most notably in the Period, we received our design stage BREEAM Outstanding certification for 10 King William Street, EC4, achieving a score of 92.9%. Alongside this we also received our WELL pre-certification and NABERS Design for Performance rating for the scheme. We were also pleased to receive our design stage BREEAM Outstanding certificate for Brettenham House, WC2.
These outcomes support our continued commitment to drive sustainability forward on all our developments and demonstrate what is possible when sustainability is embedded as a project priority from the outset.
For further information, please contact:
| Helical plc |
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| Matthew Bonning-Snook (CEO) James Moss (CFO) |
Address: 22 Ganton Street, London, W1F 7FD Website: www.helical.co.uk Tel: 020 7629 0113 |
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| FTI Consulting |
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| Dido Laurimore Richard Gotla Andrew Davis |
Email: [email protected] Tel: 020 3727 1000 |
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