Helical PLC Trading Update Shows Strong Development Pipeline and Positive Market Momentum

Helical PLC trading update: pipeline progress, rental momentum and investor sentiment

Helical’s latest trading update covers the period from 1 April 2025 to 16 October 2025 and it is packed with development progress, a big-ticket forward sale moving towards completion and a clear tailwind from London office market dynamics. The key message: three prime office schemes are on track to deliver in 2026, the student accommodation project at Southwark is moving into funding and pre-construction, and investor interest in offices is picking up.

The Company is leaning into scarcity in the best-connected London sub-markets and expects that to translate into stronger rents and returns. There is still macro uncertainty, but Helical’s strategy is development-led and tightly focused on best-in-class, sustainable buildings – the bit of the market that is seeing demand.

CEO readout: strong demand meets limited supply

Chief Executive Matthew Bonning-Snook is upbeat. With 465,000 sq ft of new office space due to complete in 2026 across three sites, Helical is seeing active occupier demand and constrained supply driving rental growth. The tone on capital markets is also more constructive, with “increased interest from global capital” and the potential for higher transaction volumes in the near term.

Crucially, the £333m forward sale at 100 New Bridge Street (Helical share: £166.5m) is set to complete on delivery in April 2026, bringing in additional equity. Helical expects to add projects via its joint venture with Places for London (PfL) and is looking for equity-light opportunities.

Project-by-project: where each scheme stands now

100 New Bridge Street, EC4 – £333m forward sale completing April 2026

• Size: 194,500 sq ft back to frame redevelopment for State Street Corporation.
• Status: All external structural works complete; delivery targeted for April 2026.
• Capital: £333m forward sale (Helical share: £166.5m) completes on delivery.
• Why it matters: Provides line-of-sight to a major cash inflow upon completion, de-risking execution.

Brettenham House, WC2 – landmark refurbished with river views

• Size: c.128,000 sq ft of prime office space.
• Status: Comprehensive refurbishment progressing; completion anticipated summer 2026.
• Design: Dual feature receptions and modern workspaces within a heritage building.
• Why it matters: High-spec, well-located space aligned with occupier flight to quality.

10 King William Street, EC4 – best-in-class office above Bank station

• Size: 141,000 sq ft across eight storeys.
• Status: Steelwork up to level six; topping out scheduled for December 2025.
• Programme: Practical completion targeting December 2026.
• Leasing: “Encouraging pre-let occupier interest” in a supply-constrained sub-market.

Southwark, SE1 – 429 studio PBSA above the Tube station

• PBSA means purpose-built student accommodation.
• Status: Negotiations progressing for forward funding with PfL; London Borough of Southwark to purchase the affordable block.
• Timing: Contracts intended to exchange later in the year, with major works commencing in 2026 after Gateway 2 approval.
• Occupation: Expected in Q3 2029.
• Terms: Forward funding and sale terms for PBSA and affordable block not disclosed.

Paddington, W2 – 235,000 sq ft office targeting Q3 2028 completion

• Status: Keltbray on site with preparatory works; formal site acquisition due January 2026.
• Delivery team: Mace appointed for pre-construction services.
• Funding: Negotiations ongoing with a preferred partner for debt financing.
• Programme: Target completion in Q3 2028.

Funding structures and why they matter

Forward sale and forward funding – quick primer

• Forward sale: The asset is pre-sold with completion on delivery. For 100 New Bridge Street, a £333m forward sale to State Street Corporation completes in April 2026, providing Helical share proceeds of £166.5m.
• Forward funding: An investor funds development costs in return for an agreed return and ownership on completion. At Southwark, terms are agreed in principle with PfL to forward fund the PBSA portion and with the London Borough of Southwark to acquire the affordable block.

These structures can reduce financing risk and capital intensity, freeing up equity to recycle into new schemes – consistent with Helical’s “equity-light” ambitions. Specific funding terms and returns have not been disclosed.

Sustainability credentials: BREEAM Outstanding and strong GRESB scores

Helical reports continued outperformance against sustainability targets, retaining EPRA Gold. GRESB scores were 88/100 for standing investments and 94/100 for the development portfolio. Two key design-stage milestones landed during the Period:

• 10 King William Street achieved BREEAM Outstanding (92.9%), plus WELL pre-certification and a NABERS Design for Performance rating.
• Brettenham House also received design-stage BREEAM Outstanding.

In plain English: these are top-tier environmental and wellbeing benchmarks, increasingly central to occupier decisions and investor underwriting. They should support leasing momentum and long-term asset liquidity.

Key numbers at a glance

Scheme	Size	Status	Key dates	Capital
100 New Bridge Street, EC4	194,500 sq ft	External structural works complete	Delivery April 2026	£333m forward sale (Helical share: £166.5m)
Brettenham House, WC2	c.128,000 sq ft	Refurbishment in progress	Completion summer 2026	Not disclosed
10 King William Street, EC4	141,000 sq ft	Steel to level six; topping out Dec 2025	PC December 2026	Not disclosed
Southwark, SE1 (PBSA)	429 studios	Forward funding negotiations progressing	Contracts later in 2025; start 2026; occupation Q3 2029	Forward funding with PfL proposed; affordable block to LBS
Paddington, W2	235,000 sq ft	Preparatory works underway; acquisition Jan 2026	Completion Q3 2028	Debt financing under negotiation

Why this update matters for Helical shareholders

• Visibility on cash and returns: The 100 New Bridge Street forward sale crystallises a significant cash event in April 2026, supporting balance sheet flexibility and new project origination.
• Letting prospects improving: Management cites stronger occupier demand and scarce Grade A+ supply in core London nodes. That is the sweet spot for rental growth.
• Capital markets tone turning: A “noticeable improvement” in investor sentiment and global capital interest could lift liquidity and pricing for high-quality offices.
• Sustainability as a competitive edge: Multiple BREEAM Outstanding design-stage ratings and strong GRESB scores should help attract blue-chip tenants and institutional buyers.

Risks, gaps and what to watch next

• Macro still uncertain: No detailed financial guidance is provided. Interest rates, construction costs and yields remain variables.
• Leasing risk: Encouraging interest is not the same as signed pre-lets. Rent levels, incentives and take-up are not disclosed.
• Funding execution: Southwark forward funding and the sale of the affordable block are subject to contracts and Gateway 2 approval. Paddington debt financing is still being negotiated.
• Timelines: Key delivery dates – April 2026, summer 2026, December 2026, Q3 2028 and Q3 2029 – will need to be hit to realise value on schedule.
• Financial metrics: No updates on NAV, LTV, net debt, development costs or yields. Expect more detail with Half Year results on Wednesday 26 November 2025.

My take: momentum building where it counts

This is a confident update from a developer positioned in the part of the London office market that is still working – best-in-class, transit-connected, sustainability-led buildings. The 100 New Bridge Street forward sale is a valuable de-risking feature and the sustainability wins should support leasing at 10 King William Street and Brettenham House.

The equity-light strategy via PfL, plus the improved investor tone, sets the stage for pipeline additions. The watchouts are the usual suspects: execution, leasing and funding. But on balance, the mix of progress, dates and credentials looks positive.

Next stop: the Half Year results on 26 November 2025 for the financial detail behind the narrative.