Developer commits to begin major mixed-use scheme in January next year
Developer Helical Bar has said it is 鈥渙n track鈥� to start the first phase of its next major development scheme at St Barts Square in London in January next year.
Reporting year end results today Helical Bar said it would start the 94-apartment first phase of the Sheppard Robson-designed scheme in January 2015 and was already planning subsequent phases which include a 200,000 sq ft office building and 121 further apartments.
Last month Helical Bar confirmed it had appointed Skanska to its 拢95m job to build its Creechurch Place scheme, formerly known as One Mitre Square.
It also said it had received resolution to grant planning permission for the housing-led Brickfields scheme designed by Eric Parry (pictured) adjacent to White City tube station.
Overall Helical Bar reported pre tax profit for the year to March 31 2014 of 拢102m, a twenty-fold increase on last year鈥檚 figures. The firm said it was achieving 鈥渟uper profits鈥� from its development programme, which yielded 拢65m in profit.
Chairman Nigel McNair Scott said: 鈥淚n May 2013 I noted we were on the cusp of returning to delivering outperformance. These results are the vindication of that belief.
鈥淟ooking forward, our London development schemes at The Bower, Old Street, Barts Square, Maple House, Clifton Street, Creechurch Place and Hammersmith Town Hall provide comfort that, in the absence of a major economic downturn, and with an investment portfolio providing growing income and capital surpluses, the Company is well placed to continue to deliver outperformance and ongoing value for shareholders.鈥�
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