Helical, the London-based property investment & development company (and constituent of the FTSE SmallCap Index) has told investors it has enjoyed a “good first half” of the financial year in a statement before releasing its interim results.

Commenting on the Company’s activities, Gerald Kaye, Chief Executive, said:

“We have had a good first half of the financial year with both development and leasing targets being met or exceeded.

“We achieved practical completion of The JJ Mack Building, EC1 on 30 September 2022 and have a strong level of interest from occupiers seeking the best-in-class and most sustainable office space.

“Elsewhere, we recently sold Kaleidoscope, EC1 at a 4.25% net initial yield, having completed our exit from Manchester in July, as well as disposing of an office and further residential units at Barts Square, EC1.

“Today sees the opening of the new Bond Street Elizabeth Line station, completing the final link in this arterial route through central London. The new line improves East west connectivity enormously and they should all take considerable pride in this great feat of engineering.”

The organisation stated that they have completed four new lettings totalling 19,642 sq ft, delivering contracted rent of £1.3m (our share £1.2m) at a 2.2% premium to 31 March 2022 ERVs

As a result, as of 30 September 2022, the Group had drawn £250m under the RCF with an effective interest rate of c.2.7% and a maturity of 3.8 years. The RCF benefits from interest rate swaps at an average of 0.9% plus margin on 100% of the drawn amount for the remaining term of the facility.

The Group has an undrawn £60m short term facility to December 2022.

In joint ventures, they had drawn £55.7m of the £69.9m facility with Allianz to develop The JJ Mack Building, EC1. Following practical completion of the development on 30 September 2022, the effective interest rate on the loan is 4.2%, including commitment fees on the undrawn amount.

On 30 September 2022, the Group had c.£59m of cash and £234m o