The Bower is now 83% let with good interest in the remaining 51,823 sq ft of office space, which comprises floors 12 to 16 of The Tower, reports Helical in the latest trading update.
During the past 6 months, Helical has:
- Let 19,576 sq ft, on floors 10 and 11, to Brilliant Basics (“Infosys”);
Let 11,329 sq ft, on floor 17, to Finablr Ventures Holdings Limited; and
Let 4,913 sq ft to restaurant operator Wagamama.
Source: Helical plc trading update for the period 1 October 2018 to 28 March 2019 helical.co.uk.
03/04/2019 10:43 by Buildington
The top floor of The Bower has been let to Finablr Venture Holdings Limited, reports Helical.
The Bower’s second phase office building is now 70% let.
Representing 11,329 sq ft, the 17th floor at Helical’s landmark Old Street scheme has been leased for 10 years at a rent of £83 psf.
Finablr is a global platform that brings together full-service payments and foreign exchange solutions underpinned by proprietary technology. Finablr Ventures focusses on forging partnerships with tech innovators, by providing them access to capital, industry expertise, and ability to scale.
This latest letting follows Helical’s recent signing of the 10th and 11th floors at The Tower, to Brilliant Basics, an Infosys Company. Finablr and Infosys join Farfetch, the online luxury fashion retail platform, and WeWork, the global provider of flexible, collaborative and shared workspaces which have taken floors seven to nine and one to six respectively. Just five of the seventeen floors in The Tower remain available to let.
Gerald Kaye, Chief Executive of Helical plc, said: “Finablr has secured the superb top floor of The Tower, with unrivalled 360-degree views of London. It joins a strong line-up of tech, media and fashion occupiers at The Bower who have all been drawn to the community we’ve created and its exemplary design. Once again, Helical’s letting successes prove the underlying resilience of the right properties in the right locations.”
Located directly next to Old Street roundabout and designed by renowned architects AHMM, The Tower provides 171,434 sq ft of Grade-A office space, on seventeen levels, with two additional ground floor retail units, one of which has been let to Albion and East, the restaurant group behind upscale urban food and bar offerings, Canova Hall and Martello Hall. It sits adjacent to The Warehouse which is fully let to a range of tenants including CBS, Stripe, Allegis, Pivotal and John Brown Media, as well as a full complement of high-quality food and beverage operations including The Shoreditch Grind, Enoteca de Luca and the Draft House.
The remaining 51,823 sq ft of The Tower offers single or multiple floors of offices with the ability to interconnect for those wanting to be self-contained. All tenants of the Tower will benefit from the shared facilities and amenities at The Bower, which include cafes, lounges, a bike store and shower rooms.
Helical was advised by Colliers and JLL. Finablr was advised by Belchak Corin & Co.
Further details on The Bower can be found at theboweroldst.com.
21/12/2018 10:10 by Buildington
Helical has agreed to a 19,576 sq ft letting comprising the 10th and 11th floors at The Tower, the second phase of its landmark Old Street scheme at The Bower.
Brilliant Basics, an Infosys Company, has taken a 10-year lease on the space at a blended rent of £72 psf. They join WeWork, the global provider of flexible, collaborative and shared workspaces and Farfetch, the online luxury fashion retail platform, which have taken floors one to six and seven to nine respectively. Altogether, 63% of The Tower office development is now let within just ten weeks of practical completion.
Brilliant Basics headquartered in Shoreditch, London is a global leader in Digital Design and Innovation. Infosys acquired the company almost 12 months ago to expand Infosys’ digital and innovation footprint across Europe and this is a commitment from Infosys to expand Brilliant Basics capabilities in the areas of digital strategy, design, user experience and emerging technologies.
Located directly next to Old Street roundabout and designed by renowned architects AHMM, The Tower provides 171,460 sq ft Grade-A office space, on seventeen levels, with two additional ground floor retail units, one of which has been let to Albion and East, the restaurant group behind upscale urban food and bar offerings, Canova Hall and Martello Hall. It sits adjacent to The Warehouse which is fully let to a range of tenants including CBS, Stripe, Allegis, Pivotal and John Brown Media, as well as a full complement of high-quality food and beverage operations including Bone Daddies, Enoteca de Luca and the Draft House.
Gerald Kaye, Chief Executive of Helical plc, said: “To be 63% let within 2.5 months of practical completion is testament to the outstanding design and quality of the scheme, as well as the enduring vibrancy of the location, particularly for creative businesses. We have good interest in the remaining floors.”
Anand Verma, Founder and CEO of Brilliant Basics, an Infosys Company, added: “We are delighted with the space and the opportunities it presents to scale our business both from people and products perspective. It’s also worth noting that the speed we moved at to close this deal has been tremendous. We look forward to our new home in the heart of London’s silicon alley.”
In close proximity to the City of London, and on the edge of thriving Shoreditch, The Bower’s modern aesthetic is fused with industrial features, aimed at creating a working space that caters for a variety of sectors, in keeping with the dynamic of the local area.
The remaining 63,000 sq ft of The Tower offers smartly designed interconnected floors for businesses looking for self-contained multiple level offices. All tenants of the Tower will benefit from the shared facilities and amenities at The Bower, which include cafes, lounges, a bike store and shower rooms.
Helical were advised by JLL and Colliers. Infosys was advised by DeVono Cresa.
More details on The Bower can be found at www.theboweroldst.com
21/11/2018 12:04 by Buildington
Helical has pre-let 88,706 sq ft of offices representing 52% of the available space, and 5,395 sq ft of restaurant space in Phase 2, for contracted total gross rental income of £6.1m.
These lettings are as follows:
• Pre-let 59,035 sq ft, covering the first six floors, to WeWork, the flexible shared office provider;
• Pre-let 29,671 sq ft during the Period, covering floors seven to nine to an existing tenant of Phase 1 for expansion space; and
• Pre-let 5,395 sq ft during the Period, to restaurant operator, Albion & East, for an urban bar which will include its own on-site gin distillery.
The whole scheme is 74% let with growing interest in the remaining 82,728 sq ft of office space, which comprises the top eight floors of The Tower.
Source: Helical Bar Portfolio and Trading Update for 1 April 2018 to 25 September 2018.
26/09/2018 20:34 by Buildington
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
13/07/2018 11:29 by Buildington
Albion and East, the company behind the hugely popular Canova Hall in Brixton and Martello Hall in Hackney, will take one of the flagship units on the ground floor of The Tower building at The Bower.
Joining existing tenants including Bone Daddies, Honest Burger and The Draft House, the yet to be named offer from Albion and East will bring new flavours to this now established foodie destination; serving up their popular Italian-American influenced all day menus alongside their own gin, distilled on site.
On track for practical completion in July this year, the addition of The Tower building marks the completion of The Bower as a new Central London estate. Located immediately adjacent to Old Street roundabout, The Bower is a new landmark quarter and destination in its own right, featuring 312,000 sq ft of innovative, high-quality office space and some of London’s most exciting food and beverage concepts.
Nikki Dibley, Development Executive at Helical said: “Albion and East will be a perfect fit for The Bower, complementing the other food and beverage offers we have onsite. I am therefore very pleased that we have signed them and believe both our occupiers and the surrounding local community will greatly enjoy the Albion and East experience.”
06/06/2018 08:49 by Buildington
Phase 2 of the development (178,571 sq ft), the refurbishment of The Tower, is on track for completion in June 2018, reports Helical in its latest trading update.
Source: Helical plc today presents a summary of its portfolio and a trading update covering its activities for the period 1 October 2017 to 28 March 2018 helical.co.uk
29/03/2018 15:50 by Buildington
The refurbishment and construction works at The Tower are well underway with practical completion scheduled for July 2018.
Six floors have been let so far, comprising 58,904 sq ft (34%), to WeWork, the leading global provider of flexible collaborative co-working space.
Helical has recently launched the marketing of the remaining 119,667 sq ft of this building. A number of parties have inspected the building and the interest is promising.
Via Helical Plc Half Year Results for the Six Months to 30 September 2017 investis.com.
15/11/2017 08:09 by Buildington
Helical Plc has awarded Skanska a £73 million contract to refurbish 207 Old Street, a mixed-use development in London also known as The Tower.
The building is part of a larger scheme called The Bower development on Old Street roundabout and will bring 171,000sqft (15,886sqm) of offices and 7,300sqft (678sqm) of retail space to the Silicon Roundabout area.
The contract involves stripping back the existing building to its original frame, adding three new floors and extending the floor plates by about 15 per cent. The building will be re-clad, with new washrooms and two extra lifts installed.
The scheme is targeting the BREEAM Excellent environmental rating, using sustainable approaches throughout the refurbishment phase and installing water-efficient fixtures and fittings for building occupiers.
Skanska Managing Director, Steve Holbrook, said: “It’s great to be working with Helical Plc on another scheme. At Old Street, we’ll be able to showcase our wider expertise in sustainable refurbishment work and mixed-use developments, helping to redefine the building and create a modern workplace in this thriving part of London.”
Pavlos Clifton, Senior Development Executive, Helical Plc, said: “Following the successful completion in November by Skanska of One Creechurch Place, London EC3, on time and in budget, we are pleased to be working together again and look forward to a similar high quality of delivery.”
Works are expected to finish in June 2018.
17/03/2017 17:27 by Buildington
Helical has pre-let 59,000 sq ft on levels one to six at The Tower at The Bower development to WeWork, the global provider of flexible co-working space.
The agreement represents over a third of the total space available at the second phase of The Bower.
Designed by renowned architects AHMM, The Tower is currently under construction and will provide 171,200 sq ft of Grade-A office space, on seventeen levels, with two additional ground floor retail units totalling 7,200 sq ft.
The Tower’s modern design and strong location directly next to Old Street roundabout is ideally suited to a company like WeWork which is looking for flexible, spacious and well-connected premises as it continues to expand its Tech City footprint. The Bower will add to WeWork’s portfolio of eleven currently operating locations, as well as additional signed locations across London. The space at the Bower will have the capacity for around 1,000 WeWork members, and will expand WeWork’s presence in Tech City, an area that has been of high interest to WeWork members and potential members.
Gerald Kaye, Chief Executive of Helical plc, said: “WeWork is an incredibly dynamic and exciting organisation, whose concept of shared working will ideally complement the new community we are creating at The Bower. This pre-let is both a strong endorsement of our capabilities in, and approach to, creating London’s leading places and spaces that people want to work in, as well as a wider vote of confidence in London’s ongoing appeal as a centre for both corporate and creative businesses.”
Patrick Nelson, Head of Real Estate for WeWork in Europe, added: “We are delighted to add another prominent location to our London portfolio and the design and quality of this building will help deliver an exceptional experience to our members. We are very pleased to have partnered with Helical to form a key part of The Bower Estate community.”
The remaining 112,000 sq ft offers innovatively designed interconnected floors for businesses looking for self-contained multiple level offices. All tenants of the Tower will benefit from the shared facilities and amenities at The Bower, which include cafes, lounges, a bike store and shower rooms.
Helical were advised by JLL and Colliers.
Further details on The Bower can be found at www.theboweroldst.com.
24/11/2016 11:36 by Buildington
The Phase 2 demolition works at The Bower are approaching completion and the main contractor, Skanska, is due to commence shortly with PC scheduled for Q2 2018. A letting campaign for the building is expected to be launched in early 2018. The Warehouse and The Studio are fully let with all tenants now in occupation.
Source: Helical Interim Management Statement for the period 25th July 2016 to 26th September 2016
27/09/2016 17:35 by Buildington
Phase 1 of The Bower is fully let to CBS, Farfetch, Pivotal, Allegis and Stripe (The Warehouse) and John Brown Media (The Studio).
Retail operators Bone Daddies, Draft House and Enoteca da Luca have now opened, joining Honest Burger, Maki and Good and Proper Tea.
Phase 2 of the development, the refurbishment of The Tower, continues to progress and will deliver a further c. 171,000 sq ft of offices and c. 7,500 sq ft of restaurant use. It is due for completion in Q1 2018.
Source: Helical Results for the period of 1 April 2016 to 24 July 2016.
27/07/2016 10:31 by Buildington
Helical Bar has agreed to purchase from the joint venture with Crosstree Real Estate Partners LLP, the two completed office buildings (The Warehouse and The Studio), as well as The Tower, a major refurbishment opportunity. With Empire House sold to Standard Life and Crosstree acquiring the remaining asset, the retail parade, the joint venture will cease on completion of the transactions in January 2016. Helical will then own a mixed use estate with numerous exciting opportunities where Phase One of c. 151,000 sq ft is 92% let with the remaining space under offer, demonstrating its appeal to occupiers. Phase Two, the refurbishment of The Tower, will start in December 2015 and is due for completion Q4 2017.
Source: Helical Bar Half Year Results for the Six Months to 30 September 2015
27/11/2015 09:51 by Buildington
The Bower on Old Street, London EC1 - new on Buildington!
03/06/2014 15:38 by Buildington