Transport for London (TfL)’s wholly owned commercial property company, TTL Properties Ltd (TTLP), has announced it has selected Helical as its preferred investment partner for its sustainable commercial office portfolio across central London, subject to contract negotiations and a 10-day standstill period.
Helical was selected as the preferred investment partner after a competitive procurement process involving a group of central London’s most accomplished office developers and investors. TTLP, advised by JLL and Herbert Smith Freehills LLP, assessed the potential partners’ sustainability strategies, partnering approach, and investment proposals for its development sites at Bank, Paddington and Southwark.
The partnership will deliver new high-quality and sustainable office space above or close to Tube stations, consisting of three new commercial office developments at Bank, Paddington and Southwark. All three sites have full planning permission to deliver sustainable commercial office developments that provide exceptional workplaces and positively impact the local community.
The joint venture company will purchase leasehold interests in the sites from TfL and establish individual property companies for each site. The sites will then be developed directly by the company, which will be funded with equity and debt. The joint venture may acquire other properties and development opportunities, which may expand the partnership’s portfolio, subject to feasibility and assessment.
The buildings will be constructed based on Net Zero Carbon, and the joint venture will collaborate with tenants to target a rating of BREEAM Outstanding and Platinum WELL v2 Core.
The sites will also fully focus on active travel options for occupants, with the three sites collectively providing almost 900 cycle spaces. Combined with their proximity to the public transport network, these new developments will encourage those who occupy the buildings in the future to travel sustainably.
Scott Anderson, head of property development at TTL Properties Ltd, said: “We’re delighted to have selected Helical as our preferred investment partner as we take forward our commercial office portfolio and create best-in-class commercial office workspaces that reflects our confidence in London and will positively impact the capital and its green recovery.
“This new joint venture complements our wider commercial development programme, which will see us deliver thousands of new and affordable homes in London, develop our estate to support small businesses and train the next generation entering the construction industry. This partnership will also help deliver operational benefits and generate vital additional revenue, which can be reinvested into the transport network and help fund a safe, green and reliable public transport network.”
Matthew Bonning-Snook, property director at Helical, commented: “This is a hugely exciting opportunity for us to partner with one of London’s largest landowners to deliver three superbly located schemes, with an ambition to bring forward additional schemes within this long-term joint venture. The intention is to deliver c. 600,000 sq ft of much needed sustainable, best-in-class office space incorporating smart technology, high-quality amenities with a focus on occupier wellbeing and adopting modern methods of construction in their delivery.”
This partnership forms part of TfL’s broader development activity that is being taken forward through its wholly owned commercial property company, TTLP, which, alongside new commercial office developments, will see thousands of high-quality new homes – including affordable housing – built on its land across the capital. TTLP currently has more than 2,000 homes completed or with work started on site, which is set to double in the next two months as work begins on more TTLP sites.
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