Helical Rides Development Wave Amidst Improving Market Sentiment

Helical PLC (LON: HLCL) has released a trading update for the period since April 1, 2025, highlighting significant progress across its London office development pipeline.

The company anticipates announcing its Half-Year results on Wednesday, November 26, 2025.

Chief Executive Matthew Bonning-Snook noted substantial activity across the development pipeline, including ongoing construction at 100 New Bridge Street, Brettenham House, and 10 King William Street, all slated for completion in 2026.

Enabling works have commenced at Paddington, with site acquisition expected in January 2026. Extensive design development is underway at Southwark for a PBSA scheme, with terms agreed with Places for London (PfL) for forward funding and with the London Borough of Southwark for the affordable housing block.

With 465,000 sq ft of new office space set to complete in 2026, Helical is optimistic about rental growth in well-connected London sub-markets. Increased occupational demand and limited new office supply are cited as key drivers. The company also sees improved investor sentiment towards the office sector, potentially leading to higher transaction volumes.

Helical's strategy remains development-focused, supported by favorable market conditions and proceeds from the forward sale of 100 New Bridge Street. The company is actively seeking new projects through its joint venture with PfL and other equity-light opportunities.

Development Activity Highlights:

• 100 New Bridge Street, EC4: External structural works are complete. Delivery to State Street Corporation is on track for April 2026, triggering the £333m forward sale (Helical share: £166.5m).
• Brettenham House, WC2: Refurbishment progressing, targeting summer 2026 completion. The project will deliver approximately 128,000 sq ft of prime office space.
• 10 King William Street, EC4: Construction is advancing rapidly, with topping out scheduled for December 2025 and practical completion expected in December 2026. The development comprises 141,000 sq ft of best-in-class office space.
• Southwark, SE1: Negotiations for the forward funding of the 429-studio PBSA scheme are progressing well. Contracts are expected to be exchanged later this year, with major development works commencing in 2026 and occupation in Q3 2029.
• Paddington, W2: Preparatory works have begun, with site acquisition planned for January 2026. The 235,000 sq ft office development targets completion in Q3 2028.

CEO Matthew Bonning-Snook stated, “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.”