Business
Helical and Orion complete 100 New Bridge Street
Helical PLC and Orion Capital Managers have achieved practical completion of their 195,000 sq ft repositioning of 100 New Bridge Street, a carbon-friendly office scheme in the City of London. The project, which retained 90% of the original structure and achieved BREEAM Outstanding, NABERS 5*, and WELL Platinum standards, is set to complete its forward sale to State Street for £333 million on May 20, 2026. Helical's share of the net proceeds, £166.5 million, will be used to repay a £155 million development facility, with surplus funds distributed to joint venture partners, unlocking significant returns for investors. Disclaimer*
About this update from Helical Plc
[{"type":"text","content":"\n\n14 May 2026\n \nHELICAL PLC\n(\"Helical\" or the \"Company\")\n \nHELICAL AND ORION ACHIEVE PRACTICAL COMPLETION OF PRIME CITY OFFICE SCHEME AT 100 NEW BRIDGE STREET\n \nHelical plc and a vehicle managed by Orion Capital Managers have achieved practical completion of their 195,000 sq ft best-in-class, carbon friendly repositioning of 100 New Bridge Street, a landmark City of London office building located between Blackfriars and Farringdon Stations.\n \nBy retaining and upgrading much of the original structure, the Gensler-designed scheme, delivered by Mace, provides a blueprint as to how existing buildings can be reimagined, introducing a striking new façade, 30,000 sq ft of additional NIA, and 9,690 sq ft of terracing across four floors, offering magnificent views of St Paul's Cathedral and across Central London.\n \nSustainability is embedded in every aspect of the project; with 90% of the structure retained, and materials re-used, re-purposed and donated, the comprehensive redevelopment's embodied carbon is tracking 61.4% below the GLA benchmark for offices. The all-electric building scheme has delivered high environmental and well-being standards including BREEAM Outstanding, NABERS 5* and WELL Platinum.\n \nFollowing the April 2025 announcement, the forward sale of the property to State Street for their own occupation, at a net price of £333 million (Helical share: £166.5 million), is scheduled to complete on 20 May 2026, reflecting a capital value of £1,712 psf (c. £2,000 psf on a topped up basis) based on a capitalisation yield of 5%, after deducting corporate sales costs and a notional rent free. The proceeds of the disposal will be used to repay the amount drawn under the £155 million development facility, with surplus funds paid out to each joint venture partner in accordance with the terms of the joint venture agreement signed in May 2024.\n \nMatthew Bonning-Snook, Chief Executive Officer of Helical, commented: \"This is a significant milestone for our best-in-class 100 New Bridge Street development, where we have reimagined the building as a high-quality, future-focused workplace that demonstrates the potential of existing assets to meet modern occupier expectations while supporting the City's ambitions around sustainability and carbon reduction. Completing the sale ...