Helical hails tangible progress amid lack of "best-in-class" property

Helical PLC on Friday said limited supply of best-in-class office space was sustaining occupier interest in areas of the UK capital with the strongest demand.

The London-focused property developer said in a trading update covering April 1 to Thursday this week that it had made progress with lettings at Brettenham House and asset management at The Bower.

Chief Executive Matthew Bonning-Snook said: "The period has seen tangible progress across the business, with a major letting secured at Brettenham House, positive asset management activities delivered at The Bower and capital successfully returned to shareholders."

On Thursday, Helical announced it had agreed a 10-year lease with FGS Global for 23,887 square feet across three floors at Brettenham House in central London. Rents exceed £140 per square foot, establishing "an attractive rental benchmark for the remaining available space", Helical said. The lease is due to start in January 2027.

At The Bower, Helical completed a letting and exchanged agreements for lease covering 32,000 square feet, which will add £2.4 million in contracted rental income. Lease re-gears covering a further 50,000 square feet secured an additional £300,000 in rental income, Helical said.

"Across the development pipeline, we remain on track to deliver both Delta Paddington and 10 King William Street on schedule, with the latter due to reach practical completion in December this year. Occupier interest is strong, primarily reflecting the limited supply of best-in-class product where active demand is most focused," CEO Bonning-Snook added.

Helical shares were up 0.7% at 186.86 pence on Friday in London.

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