Helical JV to develop three TfL over-station projects

Helical has been chosen for a joint venture with Transport for London (TfL) to develop offices over three central London tube stations.

The London Stock Exchange-listed developer will take a 51 per cent share in a JV with TfL’s property arm, TTL Properties Ltd (TTLP), for schemes over or close to Bank, Paddington and Southwark stations.

All three sites have full planning permission to deliver commercial office developments with ground-floor retail space.

TfL claims the planned 17-storey hybrid timber development over Southwark “is set to be one of the greenest and healthiest large-scale commercial buildings in the UK”.

The Paddington development will have 19 stories, while the Bank scheme – which is set to begin construction next year – will have eight.

The buildings will be constructed on a net-zero carbon basis and aim to encourage sustainable travel, including via the provision of 900 bicycle spaces.

TTLP is wholly owned by TfL but financed separately. The JV, which is being financed through equity and debt, may expand to other properties in future.

Scott Anderson, head of property development at TTLP, said: “This new JV complements our wider commercial development programme, which will see us deliver thousands of new and affordable homes in London, develop our estate to support small businesses and train the next generation entering the construction industry.”

Helical property director Matthew Bonning-Snook commented: “This is a hugely exciting opportunity for us to partner with one of London’s largest landowners to deliver three superbly located schemes, with an ambition to bring forward additional schemes within this long-term JV.”