Joint venture partners Helical and Places for London have entered into a £125m development financing arrangement with HSBC to fund the construction of the 10 King William Street over-station development at Bank station in London.
Simultaneously, the joint venture has signed a building contract with McLaren and construction work has already got under way. The four-year facility with a one-year extension will fund the remaining development costs.
The development, which will deliver 139,000 sq ft of office space, 7,260 sq ft of terracing and 1,950 sq ft of ancillary retail when it completes in December 2026, is the first of three initial sites in Helical’s joint venture with Places for London.
Matthew Bonning-Snook, chief executive of Helical, said: “This facility, secured on competitive terms, highlights the confidence in the London office market for ‘best-in-class’ assets, rich in tenant amenity, which will be delivered into a supply constrained City core market where we are seeing strong rental growth and increasing momentum behind a more comprehensive ‘return to the office’.”
Scott Anderson, head of property development at Places for London, added: “Our investment alongside HSBC and Helical in this best-in-class workspace is a key part of our wider strategy to grow long-term income for Transport for London, to be reinvested into the public transport network.
“This development will unlock the full potential of this well-connected part of central London used recently for the upgrade of Bank station and will provide London’s construction industry with vital training, skills and employment opportunities throughout construction.”
Claire Illingworth, relationship director, HSBC UK, said: “We are delighted to build on our existing relationship with both Helical and Places for London with this development financing facility. In addition to their approach to sustainability, 10 King William Street will offer a fantastic occupier experience in the heart of the City of London, and we are pleased to be part of it.”
