Helical will take a 51% stake in the joint venture with TTL Properties to take forward proposals for commercial over-station projects at Bank, Paddington and Southwark.
All three sites have full planning permission to deliver sustainable commercial office developments.
The joint venture company will purchase leasehold interests in the sites from TfL and establish individual property companies for each project, which will be funded with equity and debt.
Over-station schemes with planning
- Bank Over-Station Development – located above the new station entrance on Cannon Street, this eight-storey development, along with a basement, will include both office and retail space, measuring around 140,000 sq ft, external terraces on higher floors and a green roof. A start on site is envisaged next year.
- Paddington Over-Station Development – located by Grand Union Canal and close to the new Elizabeth line station at Paddington, this 19-storey building has permission to deliver new office and retail space measuring around 235,000 sq ft. It will include a canal-side reception and use a ground and air source heat pump system. A start on site is anticipated in 2026.
- Southwark Over-Station Development – located above Southwark Tube station on the Jubilee line, this 17-storey hybrid timber building is set to be one of the greenest and healthiest large-scale commercial buildings in the UK. Measuring around 220,000 sq ft, it will provide a mix of office and retail space with external terraces on most floors. It is expected that construction would start in 2025.
In future other properties and development opportunities could be acquired by the joint venture.
Scott Anderson, head of property development at TTL Properties, said: “This new joint venture complements our wider commercial development programme, which will see us deliver thousands of new and affordable homes in London, develop our estate to support small businesses and train the next generation entering construction.
“This partnership will also help deliver operational benefits and generate vital additional revenue, which can be reinvested into the transport network and help fund a safe, green and reliable public transport network.”
Matthew Bonning-Snook, property director at Helical, said: “The intention is to deliver around 600,000 sq ft of much needed sustainable, best-in-class office space incorporating smart technology, high-quality amenities with a focus on occupier wellbeing and adopting modern methods of construction in their delivery.”
TTLP currently has more than 2,000 homes completed or with work started on site, a total set that is set to double in the next two months as work begins on more TTLP sites.
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