Helical has signed a contract to partner with Transport for London(TfL) on a commercial office portfolio joint venture.
Further to the announcement on 15 February 2023 that Transport for London’s wholly owned commercial property company TTL Properties had selected Helical as its preferred investment partner for its sustainable commercial office portfolio across central London, contracts have now been signed confirming Helical as the joint venture partner.
The partnership will see the delivery of new high-quality and sustainable office space above or close to London Tube stations, which currently consist of three new commercial office developments at Bank, Paddington and Southwark, totalling c. 600,000 sq ft.
All three sites have full planning permission to deliver sustainable commercial office developments that provide exceptional workplaces and positively impact the local community.
Matthew Bonning-Snook, Property Director at Helical, commented: “As more organisations are recognising the important benefits of staff collaborating through being physically together in the office, London faces a shortage of tech enabled, highly sustainable space with excellent amenities. In partnership with TfL, we look forward to delivering an initial c. 600,000 sq ft of the very best offices in what remains Europe’s pre-eminent financial and cultural centre.”
Scott Anderson, Head of Property Development at TfL, said: “With more people returning to London to work following the pandemic, we look forward to investing in many of central London’s best-connected places to create a portfolio of enjoyable, healthy, innovative, and highly sustainable offices. This new joint venture complements our wider commercial development programme, which will see us deliver thousands of new and affordable homes in London, and generate additional revenues, to help fund a safe, green and reliable public transport network.”
Click here to receive CRE Herald’s weekly newsletter, news alerts and insights!
