Phase 1 of The Bower, comprising 141,150 sq ft of offices at The Warehouse and The Studio and 10,298 sq ft of restaurants, was completed in 2015 and is fully let currently generating £8.0m of gross rental income.
Phase 2, comprising 171,450 sq ft of offices and 10,308 sq ft of restaurant use at The Tower, completes at the end of July 2018.
In Phase 2, Helical has now pre-let 88,650 sq ft of offices representing 52% of the available space, and 5,554 sq ft of restaurant space, for contracted total gross rental income of £6.1m.
These lettings are as follows: Pre-let 59,015 sq ft, covering the first six floors, to WeWork, the flexible shared office provider; Pre-let 29,635 sq ft during the Period, covering floors seven to nine to an existing tenant of the first phase for expansion space; and Pre-let 5,554 sq ft during the Period, to restaurant operator Albion & East, an urban bar which will include its own on-site gin distillery.
The whole scheme is now 74% let or pre-let with growing interest in the remaining 82,800 sq ft of office space, which comprises the top eight floors of The Tower.
Source: Helical plc. trading update for the period 1 April 2018 to 11 July 2018 helical.co.uk