Helical’s momentum builds: leasing wins, de-risked projects, and near-term cash event
Helical has delivered a robust trading update for the period 1 October 2025 to 21 April 2026, with clear progress across leasing, development, planning and financing. The headline items: strong letting traction at The Bower, four office schemes now under construction (totalling over 700,000 sq ft), a near-term completion and sale at 100 New Bridge Street that should recycle equity, and a major student scheme in Southwark materially de-risked via forward funding.
Full-year results land on Friday 22 May 2026. In the meantime, here is what matters – and why I think this reads positively for shareholders.
Leasing at The Bower, EC1 – occupancy poised to hit 96.6%
The tech occupier rebound Helical flagged at the half-year is now translating into inked deals. In March, Helical exchanged contracts to lease the 5th and 6th floors of The Tower at The Bower – 19,592 sq ft of fitted space – to incident.io, an AI-powered incident management platform. Heads of terms are also agreed for the 3rd floor (10,022 sq ft) and the 12th floor (9,572 sq ft) at The Tower.
At The Warehouse, terms are agreed with an existing tenant to take the vacant 7th floor (12,398 sq ft) as expansion, while extending its two other floors. There are also regear terms agreed on three additional floors at The Tower. Leases under heads of terms are expected to exchange in May, and rents are in line with current ERVs.
- ERV: Estimated rental value – the landlord’s view of market rent.
- Regear: A re-negotiation of an existing lease, often to extend term or adjust terms.
If all agreed deals complete, The Bower’s occupancy would rise to 96.6%. That is a big tick: higher occupancy reduces void risk and underpins cash flows, and it reinforces the “flight to quality” narrative in London offices.
Development pipeline – four office schemes under construction and a student scheme de-risked
Helical’s pipeline is moving at pace, with a near-term monetisation at 100 New Bridge Street and a sequence of completions through 2026 and beyond. Briefly on each:
| Scheme | Size | Status / Timing | Notables |
|---|---|---|---|
| 100 New Bridge Street, EC4 | 194,500 sq ft | Practical completion expected this month | Forward sale to State Street Corporation at £333m (Helical share: £166.5m); delivered in 24 months and on budget |
| Brettenham House, WC2 | 128,000 sq ft | Completion due Q3 2026 | 5* NABERS Design for Performance; strong river views; encouraging occupier interest |
| 10 King William Street, EC4 | 142,000 sq ft | Completion due December 2026 | Topped out January 2026; façade complete; 20,000 sq ft floorplates; wellness suite and three levels of terraces |
| Paddington, W2 (JV with Places for London) | 240,000 sq ft | PC targeted Q3 2028 | Site acquired for £55m (Helical share: £28.1m); Mace main contractor; BREEAM Outstanding design score 97.4% (second highest UK new build office); targeting WELL Shell & Core Platinum, EPC A, NABERS 5.5* |
| Southwark, SE1 (PBSA + affordable homes) | 429 student beds | Enabling works due to start imminently | Forward funded by Places for London; affordable homes forward sold to Southwark Borough Council; equity-light and targeted >3.0x return; delivery for start of 2029/30 academic year |
| 63 Charterhouse Street, EC1M (Farringdon) | c.55,000 sq ft | Resolution to grant planning permission on 22 April | Heads of terms to acquire on signing of the s106 Agreement |
Quick jargon buster: practical completion (PC) is when a building is construction-complete and can be handed over. A forward sale is an agreement to sell a project upon reaching set milestones. PBSA is purpose-built student accommodation. A s106 Agreement is a planning obligation that must be signed before permission is implementable.
100 New Bridge Street – a near-term catalyst and equity recycling
100 New Bridge Street is on track to achieve PC later this month. Shortly after, it will be handed to State Street Corporation, completing the £333m forward sale (Helical share: £166.5m). The full refurbishment has been delivered in 24 months and on budget – rare in this market – and the company expects a return of equity to the business on completion.
Why it matters: a crystallised sale at a previously disclosed price is a clean de-risking event. It should bolster liquidity and demonstrate pricing for best-in-class, sustainable HQ offices in a tight-supply City sub-market.
Southwark student scheme – de-risked and equity-light with a punchy target return
In February, Helical’s JV agreed a forward funding with Places for London for the 429-bed PBSA in Southwark and, in parallel, a forward sale of the affordable homes to Southwark Borough Council. With no further equity required, the project has been significantly de-risked and, per Helical, the equity-light structure should allow an opportunity to generate a greater than 3.0x return.
That is a strong risk-adjusted profile for the group’s capital – and it diversifies cash flows beyond pure offices.
Financing in place for Paddington – lowering cash strain
During the Period, Helical and Places for London entered a £220m, 4.5-year pari passu development facility with PIMCO Prime Real Estate to fund the Paddington scheme. Pari passu means lenders rank equally. The facility reimburses 54.5% of equity invested to date, funds 54.5% of remaining development and finance costs, includes margin step-downs linked to milestones, and has a one-year extension option.
Translation: the JV has matched funding against the capex curve, reducing cash drag and aligning pricing to delivery and leasing progress. Combined with the forward sale at 100 New Bridge Street, the balance of offensive growth and capital discipline looks sensible.
Best-in-class sustainability – a real leasing edge
Across the pipeline, Helical is stacking credible credentials: BREEAM Outstanding at design stage for Paddington with a 97.4% score (second highest in the UK for a new build office), NABERS targets and awards (including 5* Design for Performance at Brettenham House), plus EPC A and WELL Shell & Core Platinum targets.
That is not window dressing. In a market with very tight supply of top-tier space, these attributes matter for blue-chip occupiers with net-zero commitments – and they support rental outperformance.
Key numbers and milestones to note
| Item | Figure |
|---|---|
| Reporting period | 1 October 2025 to 21 April 2026 |
| The Bower potential occupancy | 96.6% (post completion of agreed deals) |
| 100 New Bridge Street forward sale | £333m (Helical share: £166.5m) |
| Paddington site acquisition | £55m (Helical share: £28.1m) |
| Paddington development facility | £220m, 4.5 years, funds/reimburses 54.5% of costs and equity |
| PBSA beds at Southwark | 429 beds; targeted >3.0x return |
| Office space under construction | Over 700,000 sq ft |
| Full-year results date | Friday 22 May 2026 |
What to watch next
- Practical completion and handover at 100 New Bridge Street – triggers sale completion and equity return.
- Exchange of heads of terms at The Bower in May – confirmation of occupancy stepping up to 96.6%.
- Brettenham House completion in Q3 2026 and leasing progress thereon.
- 10 King William Street completion in December 2026 – pre-letting traction in an undersupplied City market.
- Paddington build progress with Mace and drawdown of the £220m facility.
- Southwark enabling works and programme to deliver for the 2029/30 academic year.
- Signing of the s106 Agreement for 63 Charterhouse Street, unlocking site acquisition and consent
