Helical has provided an update covering its trading activity for the period 1 April 2025 to 16 July 2025. They disclosed that heads of terms have now been signed for the forward funding of a 429-bedroom purpose-built student accommodation (PBSA) development located above Southwark tube station. The scheme secured planning approval in March this year.
It is intended that contracts will be exchanged later in the summer and the joint venture will now not drawdown the site, with the contractual acquisition already having been deferred from 1 July 2025 to 28 November 2025 to facilitate this. Work is expected to commence on site in Q1 2026 upon receipt of Gateway 2 approval, and the PBSA will be available for occupation in 2028.
The Southwark PBSA scheme is a joint venture between Transport for London’s (TfL) property company – Places for London and developer Helical.
Designed by architects AHMM, the development will include a new Bauhaus-inspired block which will house the PBSA element, which will offer students a best in class experience in one of London’s best-connected Zone 1 locations.
Future residents of the development will benefit from easy and fast public transport connections across the capital with London Bridge and Waterloo within walking distance. Being in zone 1, the development sits within some of the best of what the capital has to offer.
With several universities within a short journey from the station, the new development will also help to alleviate the demand on the private rental market in the area.
“We continue to deliver on our strategy of developing best-in-class buildings in highly desirable central London locations. Our joint venture with Places for London (PfL) is progressing well, with terms now agreed with them to forward fund the 429 unit PBSA scheme at Southwark, and enabling works having commenced on our Paddington office scheme ahead of the site drawdown in January 2026.
“We are focused on adding further office and mixed-use schemes to the pipeline, both in the PfL joint venture and with third parties, as we look to ensure our equity works harder through employing flexible structures, from traditional joint ventures through to equity-light forward fundings.”
Matthew Bonning-Snook, Chief Executive, Helical
Helical’s final dividend for the year ended 31 March 2025 of 3.50p, if approved by Shareholders at the AGM today, it will be paid on 4 August 2025. This will take the total dividend for the year to 5p (2024: 4.83p).
