Helical Bar building again despite losses

Grant Prior 13 years ago
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Helical Bar is ramping-up its commercial and mixed-use development programme in London as the property market continues its recovery.

The developer is also looking to push ahead with retail and retirement village schemes outside of the capital despite confirming a pre-tax loss of £6.3m today for the year to March 31.

Chief executive Michael Slade said: “It has been a long and hard four years since the warning bells sounded in mid 2007.

“It has required patience and discipline, however, the slate is now clean and the platform established to enable us to return to our outperforming ways.

“Our current development programme in the City comprises two schemes of circa 750,000 sq ft at Mitre Square and Barts which will be coming forward over the next few years.

“In West London, our residential/mixed use portfolio is looking promising.

“We are confident of gaining planning consent at Fulham Wharf (100,000 sq ft Sainsbury’s store, 463 residential units) where we act for Sainsbury, and at our joint venture with Grainger at Hammersmith Town Hall (110,000 sq ft council offices, 40,000 sq ft retail, 320 residential units).

“After several years of negotiation with other land owners and the planning authorities, we are now able to move forward and apply for planning at our White City site of 10 acres with a mixed use scheme of up to two million sq ft held jointly with our partner, Aviva.

“We hope to be ready to start on site by the end of 2012.”

Outside London Helical has submitted plans for a 150,000 sq ft retail and residential scheme in Shirley, west Midlands anchored by Asda.

The firm also has planning consent for a major mixed-use scheme in Milton Keynes and retiremet villages in Horsham, Great Alne, Exeter and Cambridge where work is underway or due to start shortly.

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