Helical Builds Momentum in London Office Portfolio with Leasing and Funding Progress

Helical (LSE:HLCL) delivered a strong trading update for the period from October 2025 to April 2026, supported by continued advancement across its London development pipeline and robust leasing performance. At The Bower in EC1, new lettings and lease extensions are expected to push occupancy up to 96.6%, with renewed demand from technology and AI-focused occupiers reinforcing the appeal of high-spec office space in supply-constrained locations.

Within its development portfolio, 100 New Bridge Street is set for completion this month, activating a £333 million forward sale to State Street and releasing capital back into the business. Other key schemes, including Brettenham House and 10 King William Street, are progressing as planned, with strong tenant interest amid limited availability of prime office stock. Helical has also reduced risk on its Southwark student and residential project through forward funding and disposals, while moving ahead with its Paddington office development backed by a £220 million facility and leading sustainability credentials. In addition, planning approval has been secured for a 55,000 sq ft office scheme in Farringdon, further strengthening its forward pipeline.

Despite these operational positives, Helical’s outlook remains weighed down by weak cash flow conversion and uneven financial performance, alongside negative technical signals with the share price trading below key moving averages. These challenges are partly offset by supportive project developments, secured funding, and a moderate dividend, although valuation remains elevated on a P/E basis.

More about Helical

Helical PLC is a UK-focused property developer and investor specialising in prime office assets in central London. Its portfolio is concentrated in key sub-markets such as the City, West End, Paddington and Old Street. The company also undertakes selective purpose-built student accommodation developments through capital-efficient joint ventures, targeting high-demand urban areas with strong rental growth potential.