Helical plc and Places for London, the TfL property company (together the “joint venture”) have entered into a development financing arrangement with HSBC to provide £125 million to fund the construction of 10 King William Street, the over-station development at Bank station.
Simultaneously, the joint venture has signed a building contract with McLaren, with construction work already underway and the building scheduled to complete in December 2026.
10 King William Street is located 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 ‘best-in-class’ eight-storey office development will deliver 139,000 sq ft net internal area (NIA) of office space, with 7,260 sq ft of terracing, 1,950 sq ft of ancillary retail and extensive occupier amenity provision, incorporating a comprehensive wellness suite. The building is targeting the highest ESG credentials including BREEAM Outstanding, NABERS 5* and WELL Platinum.
The four-year facility with a one-year extension will fund the remaining development costs.
Matthew Bonning-Snook, Chief Executive of Helical plc, 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, said: “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 plc 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”.