Helical Bar Cautiously Optimistic Despite Brexit
Developer Helical Bar is ready to “restock the development pipeline” across London. The company said in a trading update that it is encouraged by the continuation of both letting and transactional activity across the London market since the disruption of Brexit and is cautiously optimistic. It has funding in place to complete its development programme and look to future projects.
Here’s a look at five of the company's most eagerly anticipated projects.
The Bower, Old Street, London EC1
Phase 1 is fully let to CBS, Farfetch, Pivotal, Allegis and Stripe, and John Brown Media. Retail operators Bone Daddies, Draft House and Enoteca da Luca have opened, joining Honest Burger, Maki, and Good and Proper Tea. Phase 2 of the development, the refurbishment of The Tower, will deliver 171k SF of office space and 7,500 SF of restaurant space. It is slated for completion in Q1 2018.
Barts Square, London EC1
This mixed-use project will provide 230k SF of office, residential and retail. Helical Bar has exchanged contracts on 104 residential units in Phase 1, comprising 144 units for a total sale value of £133.2M at an average of £1,581/SF. Delivery is expected in Q3 2017. One unit has been placed under offer since the Brexit referendum. The remaining phase of residential, comprising 92 units, will break ground in November 2016 for delivery in the first quarter of 2019.
One Bartholomew Close, a new 12-story office building, will be complete in July 2018.
One Creechurch Place, London EC3
Construction of a 272k SF office building, being built in a JV with Healthcare of Ontario Pension Plan, is nearing completion (October 2016). The company says it expects the building to be launched into a supply-constrained market and it's getting initial interest from potential clients.
23-28 Charterhouse Square, London EC1
Helical Bar continues to refurbish the building, creating 38k SF of office space and over 5k SF of retail/restaurant space. It’s slated for completion in the first quarter of 2017.
The Loom, Whitechapel E1
Helical Bar will shortly complete a major refurbishment of the reception, common parts and various units, which has modernised and repositioned the building. This will provide a new primary entrance and reception onto Gowers Walk, a bike store, showers and an on-site café. On completion in early August, there will be 35k SF of refurbished office space available in varying sized units. Although the building has not yet been formally launched, the company says it has had interest in a number of the suites and the largest unit of 9k SF is now let at £54/SF.
