London developer Helical confirmed this morning that it is pressing ahead with a major office revamp job near Blackfriars Station in the capital.
Mace is understood to be lined up to build the 100 New Bridge Street project, which will now get underway in November with Keltbray carrying out demolition.
It is one of several major schemes to being going ahead in the Fleet Street area of London, creating a mini boom in the area.
As part of the redevelopment of the 1990s office building, located adjacent to City Thameslink, Mace will add two new floors will be added to the building, increasing the net internal area from 167,026 sq ft to 192,000 sq ft.
Helical said it was targeting BREEAM “Outstanding”, EPC A, NABERS 5 Star and WELL Platinum in the race to meet rising demand for quality office space.
Helical chief executive Gerald Kaye said the project was advancing with the recent growth in rental values for quality office space.
“There remains a shortage of this best-in-class newly refurbished or redeveloped office space in central London, enabling landlords to command premium rents, a dynamic that is likely to persist for the rest of this decade as the market plays catch up,” he said.
Kaye said that Helical was now well positioned to take advance of the structural change in the capital’s office market with a strong 790,000 sq ft development pipeline, its most significant in recent years.
This includes three schemes from its new development partnership with Transport for London, anticipated to start over the period from 2024 to 2026.
In February, Helical was selected by TfL’s wholly-owned commercial property company, TTL Properties as the investment partner for a planned commercial office portfolio.
Contracts are expected to be signed shortly to formalise the joint venture.
The portfolio will create well‐connected, highly sustainable workspaces across central London, initially seeded with three over‐station development sites of around 600,000 sq ft.
– Bank Over-Station Development – located above the recently opened Bank station entrance on Cannon Street. This eight-storey office development will measure 142,000 sq ft and the joint venture intends to start on site in 2024.
– Southwark Over-Station Development – located above Southwark Tube station. The scheme has consent for a 220,000 sq ft hybrid timber office building over 17 floors. The development is expected to start on site in 2025.
– Paddington Over-Station Development – located on the Grand Union Canal, close to the Elizabeth Line station at Paddington. This 19-storey building will provide 235,000 sq ft of office space and construction is expected to commence in 2026.