Coronavirus Update

Helical PLC Trading Update Ahead of Annual General Meeting

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Helical today provides an  update covering its trading activi ty for the period 1 April 2021 to 14 July 20 21 ("the Period") , ahead of its 2021 Annual General Meeting to be held later today .


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


"In common with other central London office landlords, we are seeing a marked increase in enquiries from potential tenants for our vacant space and have been successful in agreeing terms at 31 March 2021 ERVs. Coupled with signs that tenant-controlled space is being withdrawn from the market as occupiers reverse decisions made during the pandemic to sub-let that space, we are confident that our best-in-class offices will continue to outperform in a bifurcated market.


"More generally, sentiment in the letting market is one of confidence returning, with leasing activity increasing with a number of 100,000+ sq ft requirements for office space under offer. Whilst overall central London vacancy rates remain at circa 7%, that of Grade A space is below 1%, according to a recent JLL report. This highlights the divergence in the market and reinforces our view that there will be a clear "green premium" for the best-in-class office space and a "brown discount" for the rest."


Operational Performance


Portfolio Update


· We have completed the letting of the fourth floor at 55 Bartholomew, EC1 to Push Gaming taking the building to 45% let. The letting is on a fully managed basis, meaning all office costs are included in one monthly payment and represents a new offering to tenants by the Group. The net rent is in line with 31 March 2021 ERV.


· At The Bower, EC3, Stripe have agreed a new three year lease on 12,398 sq ft at its 31 March 2021 ERV, reflecting a 16% premium to the rent on the original lease.


·     The 5,588 sq ft seventh floor at Trinity, Manchester has been let to AEW Architects at its 31 March 2021 ERV. Following this letting the building is now 55% let.


·     At Barts Square, EC1, we have completed the sale of a further six apartments in the period, one of which had exchanged prior to 31 March 2021, taking the total number of sold apartments across both phases to 213. One apartment remains available in Phase One and 22 apartments are available in Phase Two, of which one is under offer.


·     Work is progressing in line with programme at 33 Charterhouse Street, EC1 with nine of the ten storeys of steelwork now erected. The installation of the curtain walling is due to commence on site in August. Practical completion remains on target for September 2022.


· As at 14 July 2021, we have collected 87.3% of the June quarter rent. Agreements are in place for a further 6.7% to be paid in instalments in the period leading up to the September quarter day. As a result, we anticipate that by the end of September we will have collected between 94% and 96% of all contracted rent.





In April 2021, we launched Designing for Net Zero, a guide to aid Helical's professional teams as they collaborate on new development schemes and aim to meet the specific carbon goals of our projects. During the Period we have also become members of the Better Buildings Partnership ("BBP") and the UK Green Building Council ("UKGBC"). Further details of our approach to Sustainability can be found at




At 14 July 2021, the Group had £149m of cash, £481m of investment facilities of which £341m was drawn down and £79m of development facilities (Helical's share) of which £25m was drawn down.




The final dividend for the year ended 31 March 2021 of 7.40p, if approved by Shareholders at the AGM later today, will be paid on 26 July 2021. This will take the total dividend for the year to 10.10p (2020: 8.70p).