Helical (LSE:HLCL) shares rose 4% in early trading on Friday after the London-listed developer announced a £333 million forward sale of its flagship office project at 100 New Bridge Street in the City of London.
The deal, with an undisclosed S&P 500-listed company, is being seen as a strong vote of confidence in the premium end of the capital’s commercial property market.
The 195,000 sq ft development, which is being refurbished in partnership with Orion Capital Managers, is due for completion in April 2026. The sale, agreed more than a year in advance, reflects a yield of 5% and a capital value of £1,712 per sq ft. Helical’s share of the proceeds will be £166.5 million.
The ten-storey scheme is being retrofitted to the highest sustainability and wellbeing standards, with features including a large terrace overlooking St Paul’s Cathedral.
Helical CEO Matthew Bonning-Snook said early interest from multiple parties highlighted the continued demand for best-in-class space in a market with limited new supply. Proceeds will be used to repay development loans and distributed under the terms of the joint venture.
The stock rose 6.8p to 180.8p.