Helical has relet all the space previously occupied by WeWork at The Bower office scheme in London.
In October last year, the developer forfeited the individual leases on the six floors let to WeWork in the scheme’s main building and subsequently agreed a short-term licence agreement with the flexible workspace company for it to reoccupy the space to 25 December 2023.
In a trading update, Helical said it has now signed a lease with WeWork to 30 May 2024 outside the Landlord and Tenant Act at the pre-existing rent on the third floor, to enable the company to continue to meet its obligations to its customer Stripe.
Helical has also let the 9,568 sq ft 14th floor to Incubeta – an existing tenant moving from the 16th floor – at a rent above the March 2023 ERVs and it has signed a management agreement with InfinitSpace to provide serviced offices on the first and second floors of the building.
InfinitSpace has already signed six of WeWork’s previous tenants – comprising circa 90 desks and representing approximately half a floor of the building – and has launched a campaign to attract further members.
The Bower is now 85% let – up from 62% following the forfeiture of the original WeWork leases – and Helical reported ‘good interest’ in the remaining space from existing and potential new tenants.
Gerald Kaye, chief executive of Helical, said: “It is pleasing to see the positive asset management progress made over the last few weeks which has resulted in several significant lettings above the March 2023 ERVs completing across our high-quality, Central London portfolio. A key focus over the coming months is to build on this momentum with further letting progress.”
