Helical has sold City of London office development 100 New Bridge Street to an unnamed S&P 500 company (thought to be investment bank State Street) for £333m.
The 195,000 sq ft office will become the company’s new London headquarters, with the purchase price reflecting a 5% yield.
Helical owns the site in a 50/50 joint venture with Orion Capital Managers, having sold the 50% stake last year. Helical’s share of the sale amounts to £166.5m (before deducting corporate sales costs). On completion of the sale, the amount drawn under the £155m development facility will be repaid.
The development is expected to complete in April 2026 and is targeting the highest sustainability, technology and wellbeing standards including EPC A, BREEAM ‘Outstanding’, NABERS 5*, WELL Platinum and WiredScore Platinum.
The 10 storey building is undergoing a comprehensive refurbishment, stripping it back to its frame, recladding and adding two additional floors. The completed development will include an eighth floor terrace of 7,450 sq ft, which will provide views of St. Paul’s Cathedral and across Central London.
Matthew Bonning-Snook, CEO of Helical plc commented: “This transaction is a true reflection of the quality of 100 New Bridge Street as a London headquarters destination. The very strong interest we received in the scheme over a year ahead of completion is testament not only to its best-in-class characteristics, but also the acute shortage of prime office space within the submarkets Helical has targeted as part of its significant development programme.”
