Helical has let the 12th floor of The Tower at The Bower, its multi-building office campus in London’s Old Street, to music company Audio Network, as it continues to report strong leasing activity amid a severe undersupply of best-in-class offices.
In a trading update covering 1 April to 15 July, Helical chief executive Matthew Bonning-Snook said the deal reflected “strong leasing momentum” over the last year and highlighted the “ongoing appeal” of Old Street and the ‘Silicon Roundabout’.
The lease brings The Bower to 96.6% let and takes Helical’s total space let during the period to around 32,000 sq ft, with re-gears achieved on a further circa 50,000 sq ft.
Audio Network will relocate in November following minor alterations to the space. It has agreed an 11-year lease, with a tenant break option at year six, in line with March estimated rental value.
Bonning-Snook said it had been a “strong start to the financial year”, with the firm’s pipeline of projects offering a “clear pathway to generating meaningful and sustainable returns”.
He added: “Our development pipeline looks increasingly well timed and continues to progress at pace towards the delivery of best-in-class buildings into a supply constrained market, with both 10 King William Street and Brettenham House completing this year.
“We believe the severe undersupply of well-located, best-in-class offices will continue for a number of years. With our track record of navigating a challenging planning environment, working with a select group of top-tier contractors and maintaining deep lender relationships, which enable us to secure accretive financing, combined with an ability to access new sites through our flexible approach to partnerships, we are ideally placed to benefit from this dynamic.”
The firm will also return around £12m of realised profits to shareholders from the £333m sale of 100 New Bridge Street.
Please visit:
Our Sponsor