Helical have announced that WeWork have agreed to take levels one through six on The Tower, the second phase of the development known as The Bower Scheme. According to JP Morgan, the guide rental values for the property were £62.50/sq. ft. for the first three floors and £67.60/sq. ft. on the remaining floors and the pre-let has been agreed in line with these estimates.
The Tower is set for completion in July 2018 and offers a total of 171,200 sq. ft. of office space. The building uses 17 floors with a ground floor retail development and the new agreement will see WeWork taking up one third of the available space.
The Bower will be an addition to the eleven properties already within the WeWork portfolio, who have a number of signed locations around London. The space will provide a workspace for around 1,000 WeWork members.
According to Gerald Kaye, chief executive of Helical, the company intended to attract a co-working tenant for The Bower and that WeWork are a ‘dynamic and exciting organisation’ whose concept of shared working fitted in well with the ideas that the company had for the new community at The Bower. In an interview with Property Week, Kaye said that the WeWork deal was great news for the continued development of the location.
Patrick Nelson, head of real estate for WeWork in Europe confirmed the company were delighted to add another prominent London location to their portfolio. He added that the quality and design of the building will offer an exception experience for the company’s members.
Helical’s half year results were also announced in the press release, showing an unexpected 3% increase in EPRA NAV per share. The company is currently advised by JLL and Colliers.