The development is following high ESG standards. Credit: Helical.

A joint venture (JV) of Helical, a real estate company, and Places for London, the property arm of Transport for London, has secured a development financing arrangement of £125m ($156m) with HSBC to fund the construction of a new office development.

The development at 10 King William Street is located above the Bank station entrance on Cannon Street.

The JV has also signed a building contract with construction company McLaren for the project, which is already underway and is expected to be completed by December 2026.

This development is the first of three initial sites in the partnership between Helical and Places for London.

The project at 10 King William Street will be an eight-storey office building.

It will provide 139,000ft² of net internal area of office space, complemented by 7,260ft² of terracing, 1,950ft² of ancillary retail, and a wellness suite for occupiers.

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Aiming for the highest environmental, social, and governance (ESG) standards, the building is targeting Building Research Establishment Environmental Assessment Methodology Outstanding, National Australian Built Environment Rating System 5, and WELL Platinum certifications.

The funding from HSBC will cover the remaining development costs over a four-year term, with an option to extend for an additional year.

Helical chief executive Matthew Bonning-Snook said: “This facility, secured on competitive terms, highlights the confidence in the London office market for ‘best-in-class’ assets, rich in tenant amenity, which 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’.”

Places for London Property Development head Scott Anderson 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 Transport for London, 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.”

In July 2024, Places for London partnered with Ballymore to submit an outline planning application to Barnet Council. This application is for the redevelopment of Edgware’s Broadwalk Shopping Centre, including the bus station and garage.