Funding in place for City of London over-station development

Helical and Places for London, the Transport for London (TfL) property company have entered into a financing arrangement with HSBC to provide £125 million to fund the construction of 10 King William Street, an over-station development at Bank station in the City of London.

Simultaneously, the joint venture has signed a building contract with McLaren, with construction work already underway and the building scheduled to complete in December 2026.

Targeting a BREEAM ‘Outstanding’ rating, 10 King William Street will deliver 12,913m² net internal area (NIA) of office space, with 674m² of terracing and 181m² of retail provision.

Matthew Bonning-Snook, Chief Executive of Helical, said: “This facility, secured on competitive terms, highlights the confidence in the London office market for ‘best-in-class’ assets, rich in tenant amenity. The project will be delivered into a supply constrained City Core market where we are seeing strong rental growth and increasing momentum behind a more comprehensive ‘return to the office’.”

Scott Anderson, Head of Property Development at Places for London, said: “Our investment alongside HSBC and Helical in this best-in-class workspace is a key part of our wider strategy to grow long-term income for TfL, to be reinvested into the public transport network.

“This development will unlock the full potential of this well-connected part of central London used recently for the upgrade of Bank station and will provide London’s construction industry with vital training, skills and employment opportunities throughout construction.”