LONDON, UK: Helical, a property investment and development company, has signed a joint venture agreement with Transport for London (TfL) to develop a portfolio of sustainable commercial office space above or near London Tube stations.
The deal, which was announced in February 2023, will see Helical and TfL deliver three new office developments at Bank, Paddington and Southwark, totalling about 600,000 sq ft. The sites have full planning permission and will provide high-quality and tech-enabled workplaces that are environmentally friendly and benefit the local community.
Helical’s Property Director, Matthew Bonning-Snook, said that the partnership will address the shortage of sustainable office space in London, which remains Europe’s leading financial and cultural centre. He said that more organisations are recognising the benefits of staff collaborating in the office after the pandemic.
TfL’s Head of Property Development, Scott Anderson, said that the joint venture will create enjoyable, healthy, innovative and highly sustainable offices in some of central London’s best-connected places. He said that the deal will also generate additional revenues for TfL, which will help fund a safe, green and reliable public transport network. He added that the deal complements TfL’s wider commercial development programme, which will deliver thousands of new and affordable homes in London.