Property developer Helical and Places for London – the Transport for London property company – have entered into a £125m development financing arrangement with HSBC to fund their 10 King William Street office scheme in London EC4.
Simultaneously, the joint venture has signed a building contract with McLaren, with construction work already under way and the building scheduled to complete in December 2026.
10 King William Street is at the centre of the City Core, sitting above Bank station entrance on Cannon Street, which opened in February 2023. The first of three initial sites in Helical’s joint venture with Places for London, the eight-storey office development will deliver 139,000 sq ft net internal area (NIA) of office space, with 7,260 sq ft of terracing and 1,950 sq ft of ancillary retail. The building is targeting BREEAM Outstanding, NABERS 5* and WELL Platinum ratings.
The four-year finance facility with a one-year extension will fund the remaining development costs.
Helical chief executive Matthew Bonning-Snook 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.”
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