London developer adds shortage of top class office space ‘will continue for number of years’
Helical is hoping to get Gateway 2 sign-off on its scheme to build student flats above Southwark tube station by the end of the year.
Mace has been lined up for the job which will see a 15-storey building built on top of the tube station which was built in 1999 and given a grade II listing last November.
The block will include 429 flats while an adjacent 14-storey council housing block will include 44 homes for Southwark council.
In a trading update this morning, the London developer’s chief executive Matthew Bonning-Snook said “our Southwark PBSA [is] on track to receive Gateway 2 approval this year”.
Mace, which has been confirmed for a £150m scheme to turn London’s former City Hall into office and retail space, is also working on another Helical job – a £200m office scheme called Delta Paddington which is due to complete in autumn 2028.
Bonning-Snook added: “We believe the severe undersupply of well-located, best-in-class offices will continue for a number of years. With our track record of navigating a challenging planning environment, working with a select group of top tier contractors and maintaining deep lender relationships which enable us to secure accretive financing, combined with an ability to access new sites through our flexible approach to partnerships, we are ideally placed to benefit from this dynamic.”
The firm’s 10 King William Street and Brettenham House office schemes are due to complete later this year. Both of these jobs are being carried out by McLaren.
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