Helical PLC Reports Robust Trading Update with Major Development Milestones

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