Trading update for the period since 1 April 2021

8 October 2021

Helical today releases an update covering its trading activities for the period 1 April 2021 to 7 October 2021 (“the Period”).

Commenting on the Company’s activities, Gerald Kaye, Chief Executive, said:

Gerald Kaye
Chief Executive

It is encouraging to see people returning to central London for both work and pleasure; this is reflected in the increased occupancy of our buildings, success in new lettings and a high level of rent collection.

“Sentiment has moved away from WFH as companies appreciate the importance of the office in motivating teams, as well as working collaboratively and with far greater effectiveness. Best-in-class sustainable offices are in strong demand and are achieving a ‘green’ rental premium. The increasing amount of obsolete older space will provide us with the raw material to redevelop or refurbish to create new best-in-class offices.

“Our focus on sustainable, technology enabled buildings has been further advanced by launching Designing for Net Zero, a guide to reducing carbon in developments, and our investment in a venture capital fund focused on proptech companies, managed by Pi Labs. We are pleased to report improvement in our EPRA Sustainability BPR Award from Silver to Gold.”

Operational Performance

Rent Collection

  • As at 7 October 2021, we have collected 92.9% of the September quarter rent, helped by the reopening of our food and beverage tenants. We expect to receive a further 4.2% via agreed payment plans, with the remaining 2.9% subject to ongoing discussions.
  • We have collected 93.5% of June quarter rents to date, with a further 3.0% expected to be collected, and 91.6% of March quarter rents to date, with a further 2.0% to be collected via agreed payment plans and 1.4% subject to ongoing discussions.


  • The 5,588 sq ft seventh floor at Trinity, Manchester has been let to AEW Architects at a rent of £34 psf, a 2% premium to 31 March 2021 ERV. Following this letting the building is now 55% let.
  • At The Bower, EC1, Stripe has agreed a new three-year lease at a 1% premium to 31 March 2021 ERV. In The Tower, we have let the 17th floor, previously let to Finablr, to Verkada on a five year lease for a rent which is in line with the 31 March 2021 ERV. Infosys, who occupy four floors at The Tower, have exercised their break on the 12th floor effective on 14 October 2021 and we will shortly remarket this space.
  • At the Loom, E1, we have completed the renewal of three leases, totaling 14,258 sq ft and at an average rent of £54 psf. Following these renewals, we have 27,264 sq ft (24.8%) to let across 11 units.
  • Following the exercise of the break option by the previous tenant, we are now under offer on the reinstated first floor and refurbished southern ground floor unit at 25 Charterhouse Square, EC1, on terms ahead of the 31 March 2021 ERVs. Peakon have exercised their break on the third floor effective on 23 May 2022 and this will give us the opportunity to relet the space at an improved rent.
  • We have completed the letting of the fourth floor at 55 Bartholomew, EC1 to Push Gaming on a managed basis at a rental level above 31 March 2021 ERV, representing a new offering to tenants from the Group.


  • At 33 Charterhouse Street, EC1, the topping out ceremony was held on 28 September 2021 to mark the completion of the superstructure works. Work continues to progress in line with programme, with the current focus upon installation of external cladding and MEP services on each floor. Practical completion is targeted for September 2022.
  • At Barts Square, EC1, we have completed the sale of a further six apartments in the Period taking the total number of sold apartments across both phases to 214. One apartment remains available in Phase One and 21 apartments are available in Phase Two.


  • Further to the launch in April 2021 of Designing for Net Zero, a guide to meet specific carbon goals on our development projects, the Group has received an EPRA Sustainability Best Practice Recommendation Gold Award, an improvement on the Silver Award last year.


  • In September 2021, the Group invested in a fund managed by venture capital firm Pi Labs. The fund is focused on supporting proptech companies at the early stages of their lifecycle and the investment reflects the importance Helical places on technologies that aim to help drive the evolution of our workplaces.


  • In July 2021, the Group refinanced The Kaleidoscope, EC1 into its £400m Revolving Credit Facility (“RCF”), drawing down £50m to repay the development financing provided by Wells Fargo Bank NA, London Branch.
  • At 30 September 2021, and following exercise of its first extension option, the Group increased the maturity of £300m of its £400m RCF by one year, resulting in a weighted average maturity term of 3.6 years. This will increase to 4.6 years upon exercise of the planned one year extension in 2022.
  • At 30 September 2021, the Group had £77m of cash deposits available to deploy without restrictions and a further £59m of sales proceeds and rent collected in bank accounts to service payments under its loan agreements. In addition, the Group has £198m of undrawn loan facilities of which £104m is available to be drawn on short notice.

Announcement of Half Year Results

The Group will announce its results for the half year ended 30 September 2021 on Tuesday 23 November 2021.

For further information:

  • Gerald Kaye
    Helical CEO
    Tel 020 7629 0113
  • Tim Murphy
    Helical Finance Director
    Tel 020 7629 0113
  • Dido Laurimore / Richard Gotla
    FTI Consulting
    Tel 020 3727 1000