Helical plc and Places for London, the TfL property company, have entered a development financing arrangement (joint venture) with HSBC to provide £125m to fund the construction of 10 King William Street, the over-station development at Bank station.  

10 King William Street sits above the Bank station entrance on Cannon Street which opened in February 2023 and the first of three initial sites in Helical’s joint venture with Places for London.

The eight-storey office development will deliver 139,000 sq ft net internal area of office space, with 7,260 sq ft of terracing, 1,950 sq ft of ancillary retail and extensive occupier amenity provision, incorporating a comprehensive wellness suite.

Matthew Bonning-Snook, Chief Executive of Helical plc, 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’.” 

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

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 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.” 

The four-year facility with a one-year extension will fund the remaining development costs.