Helical Bar uses a negotiated form of contract for some schemes and will competitively tender others.
The contractors used for negotiated contracts are those the company has worked with previously and whose performance has met its standards.
Current and future projects
In the past 10 years, Helical Bar has completed development programmes with a capital value of £900m. Office developments accounted for much of this, £631m, with out-of-town retail projects valued at £232m. Industrial schemes totalled just £37m.
In its interim report to September 2002, the company noted that there had been a major reduction in its central London office portfolio. This entailed the sale of three properties, for a total of more than £126m, reducing Helical Bar's exposure to the London office market from 71% to 58% of its investment portfolio.
In March 2002, Helical Bar's development programme amounted to £335m of offices and £63m of retail space.
In the retail sector, the company is concentrating on schemes in Accrington, Wigan and Great Yarmouth and, in the longer term in Ipswich, Newcastle and Blackburn.
In July 2002, Helical Bar announced that, in partnership with Morley Fund Management, it has been selected by the Dairy Crest Group as the preferred bidder for the 10.3 acre Westway site in Wood Lane, London. This area is emerging as one of central London's most significant regeneration opportunities with the proposed 130,000 m2 retail and leisure scheme to the south of the site and with the BBC proposing a further 145,000 m2 of broadcasting and production space opposite.
The company is continuing the pre-planning for a major office and mixed-use scheme at Amen Corner, Bracknell.
Helical Bar is a UK-based property development and investment company with a market capitalisation of more than £230m.
The company's investment philosophy is: to manage its portfolio, rotating between property types and sectors; use gearing on a tactical basis; keep its portfolio small to facilitate fast repositioning and encourage its management to focus on key assets; and have properties that are let on a multitenant basis.
Although not the largest property developer, Helical has been quoted as being the top performer in terms of the returns it generates for its shareholders. HSBC research reported in July 2002 that, over the past five years, Helical generated total returns of 20.6% a year, compared with a sector performance of 4.9% a year and a UK equity market performance of 4% a year.
Development director Gerald Kaye Contact details
11 Farm Street,
London W1J 5RS
phone: 020-7629 0113
fax: 020-7408 1666
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