Helical updates market and closes in on northern powerhouse HQ deal

Helical has reported good progress across its London and regional assets, stating there has been “encouraging level of interest” from office occupiers and residential buyers in its pipeline of developments.

In a update to the market covering the period from 25 July 2016 to 26 September 2016 Helical stated phase two of its Bower development on the City fringe in London, would be completed in the second quarter of 2018, while the 272,000 sq ft office development One Creechurch Place, in the City of London, is due for completion next month with tenants circling the office scheme.

Gerald Kaye, chief executive of Helical, said: “The delivery phase of our development programme continues with completion of our 272,000 sq ft office scheme at One Creechurch Place, London EC3 fast approaching and good progress being made on our London schemes at Barts Square EC1, The Bower EC1, 25 Charterhouse Square EC1 and The Loom E1. There is an encouraging level of interest being shown by potential occupiers of the offices and buyers of the residential units at these schemes.”

Outside London Helical is believed to be close to scoring a high profile letting at Churchgate House in Manchester, which is understood to be the preferred option for the new headquarters of the Greater Manchester Combined Authority (GMCA).

Driving force behind the northern powerhouse

The 25,000 sq ft office development on Church Street will provide space fo 250 staff, including the offices of the new elected mayor as Manchester moves towards becoming the UK’s first major metropolitan area to benefit from the government’s regional devolution strategy.

The GMCA is understood to have agreed an eight-year lease at £16.50 / sq ft. The driving force behind the northern powerhouse already houses the Manchester Growth Company, which is accountable to the GMCA. GMCA officers, the police commissioner’s office, and the teams supporting the elected Mayor will be moved into Churchgate, with an option to be joined by further staff associated with healthcare devolution.

“In our regional portfolio we have now sold five of our eight out-of-town retail warehouses,” added Kaye. “In addition, we have sold two of our regional offices and two of our distribution warehouses following the conclusion of asset management initiatives for these properties.”

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