Clifford Chance

Clifford Chance advises Helical on Transport for London joint venture for three major over-station developments

International law firm Clifford Chance is advising long standing developer client Helical plc on its joint venture with Transport for London (TfL) to develop a sustainable commercial office portfolio across central London. The joint venture will see the delivery of new, high-quality and sustainable office space above or close to London Tube stations, which currently consist of three new commercial office developments at Bank, Paddington and Southwark, totalling c. 600,000 sq ft.

This transaction exemplifies Clifford Chance's full-service offering, with the real estate team advising on the joint venture, title and development matters, planning, construction, rights of light and vacant possession matters. It also reinforces Clifford Chance's expertise in over station developments with the team having most recently advised Helical on the full life cycle of their over-station development at Farringdon East culminating in the whole office letting to TikTok and subsequent sale to Chinachem Group.

Real Estate Partner Ian Painter commented: "Helical are a first-class developer who always deliver best in class commercial office workspaces with a focus on sustainability. It was a pleasure to work with the team again to deliver the first stage of these development projects. Over-station developments are a particular specialism of our team, and this project is a great example of our multi-disciplinary approach in action."

Matthew Bonning-Snook, Property Director at Helical, commented: “As more organisations are recognising the important benefits of staff collaborating through being physically together in the office, London faces a shortage of tech enabled, highly sustainable space with excellent amenities. In partnership with TfL, we look forward to delivering an initial c. 600,000 sq ft of the very best offices in what remains Europe’s pre-eminent financial and cultural centre.”

The Clifford Chance team was led by Partner Ian Painter with support from Senior Associates Melissa Jones, Holly Porter, Rose Laitner and Associates James Myles and Lena McCrae. Planning support was provided by Head of Environment and Planning Nigel Howorth, Senior Associate Katie Kempthorne and Associate Kate Mackintosh. Construction team advice was provided by Head of Real Estate Construction Marianne Toghill, Senior Associate Adam Waite and Associate Amber Miller. Other team members included Director of Property Litigation Ben Hatton and Partner Steven Fox (listed company assistance).