Transport for London (TfL)’s wholly owned commercial property company TTL Properties has selected Helical as its preferred investment partner for its sustainable commercial office portfolio across central London, subject to contract negotiations and a 10-day standstill period.
The partnership will see the delivery of new high-quality and sustainable office space above or close to Tube stations, which currently consist of three new commercial office developments at Bank, Paddington and Southwark.
All three sites have full planning permission to deliver sustainable commercial office developments that provide exceptional workplaces and positively impact the local community.
Bank Over-Station Development – located above the new station entrance on Cannon Street, this eight-storey development, along with a basement, will include both office and retail space, measuring around 140,000 sq. ft. Net Internal Area (NIA), external terraces on fifth, sixth and seventh floors and a green roof. A start on site is envisaged next year.
Paddington Over-Station Development – located by Grand Union Canal and close to the new Elizabeth line station at Paddington, this 19-storey building currently has permission to deliver new office and retail space measuring around 235,000 sq. ft. NIA. It will include a canal side reception and use a ground and air source heat pump system. A start on site is anticipated in 2026.
Southwark Over-Station Development – located above Southwark Tube station on the Jubilee line, this 17-storey hybrid timber building is set to be one of the greenest and healthiest large-scale commercial buildings in the UK. Measuring around 220,000 sq. ft. NIA, it will provide a mixture of commercial office space and retail space and has external terraces on most floors. It is expected that construction would start in 2025.
The joint venture company will purchase leasehold interests in the sites from TfL and establish individual property companies for each of the sites. The sites will then be developed directly by the company, which is to be funded with equity and debt.
Other properties and development opportunities may in the future be acquired by the joint venture, expanding the partnership’s portfolio, subject to feasibility and assessment.
The buildings will be constructed on the basis of Net Zero Carbon and the joint venture will collaborate with tenants to target a rating of BREEAM Outstanding and Platinum WELL v2 Core.
Scott Anderson, Head of Property Development at TTL Properties Ltd, said: ‘We’re delighted to have selected Helical as our preferred investment partner as we take forward our commercial office portfolio and create best in class commercial office workspaces that reflects our confidence in London and will positively impact the capital and its green recovery.’
Matthew Bonning-Snook, Property Director at Helical, commented: ‘This is a hugely exciting opportunity for us to partner with one of London’s largest landowners to deliver three superbly located schemes, with an ambition to bring forward additional schemes within this long-term joint venture. The intention is to deliver c. 600,000 sq ft of much needed sustainable, best-in-class office space incorporating smart technology, high quality amenities with a focus on occupier wellbeing and adopting modern methods of construction in their delivery.’