Helical, the London-listed property developer, announced on Thursday that it has achieved significant progress in the fiscal year 2024 so far. The company has maintained momentum in letting spaces, ensuring that they are in line with estimated rent value rates and experiencing strong rent collection.
Since April 1, Helical has successfully let out four new spaces, all of which were leased at the estimated rental value set on March 31. This has resulted in contracted rent of £557,000 ($723,432). Moving forward, the company remains focused on letting out the remaining vacant spaces.
By July 12, Helical had collected 97.4% of its June quarter rent and is expected to collect an additional 1.5% through agreed payment plans. The remaining 1.1% is currently under discussion.
In addition to its strong letting performance, Helical’s development pipeline is also progressing well. Construction work at 100 New Bridge Street in London is set to commence in the fourth quarter. This project will contribute to the delivery of nearly 800,000 square feet of “best-in-class” office space over the next five to six years, addressing the current undersupply in the market.
According to Chief Executive Gerald Kaye, “Since the start of the financial year, we have made good progress with our development pipeline. This pipeline represents almost 800,000 square feet of office space that will be delivered to meet the needs of an undersupplied market.”
As of 0805 GMT, shares were down by 0.5 pence or 0.2% at 267.5 pence.