StockMarketWire.com
Helical Bar has pre-let the majority of its Shoreditch-based C Space office building to DLKW Lowe as the creative advertising agency uproots from West London.

DLKW Lowe, which counts Unilever, Post Office and Morrisons as clients, will be taking all but the top floor and half of the third floor of the 62,000 sq ft building and will house all Mullen Lowe Group UK agencies including ad agency DLKW Lowe, activation agency Lowe Open and digital agency Lowe Profero.

Working with architects Buckley Gray Yeoman, the former carpet factory has been transformed by Helical Bar into a contemporary workplace, which retains the character of its industrial past but has been reconfigured to optimise the efficiency of space, maximise natural light and ensure the building reengages with its surroundings.

DLKW Lowe has taken a 15 year lease with a break clause at the 11th year, leaving only 15,300 sq ft to be let which includes a penthouse floor with sizeable terrace. Completion of the building, which is on City Road in London EC1, is due in August of this year.

Helical Bar development director Matthew Bonning-Snook said: "We made a call on the Old Street/Shoreditch area in 2012, with three purchases involving a development pipeline of over 430,000 sq ft. It is now pleasing to see that the type of product we are delivering is right for this market and of course well timed. We are particularly delighted that a leading creative agency like DLKW Lowe is making it their home, relocating from Brompton Cross in South Kensington, in part due to the desire to attract the very best creative talent which this area certainly has in abundance."

StockMarketWire.com
Helical Bar posts an IFRS pre-tax profit of £85.9m for the six months to the end of September - up 100% on last time.

EPRA net asset value per share rose by 13.2% to 436p (31 March 2015: 385p) while EPRA earnings per share were up by 145% to 13.0p (2014: 5.3p).

Total property return increased by 55% to £107.6m (2014: £69.2m), reflecting growing net rents of £20.8m (up 11% from £18.8m last year) and development profits of £18.7m (2014: £15.6m). The gain on sale and revaluation of the investment portfolio contributed £68.1m (2014: £34.8m).

Recurring administration costs were £5.8m (2014: £5.2m) and performance-related awards and associated costs were £8.7m (2014: £7.7m). Net finance costs were £12.1m (2014: £12.4m) with a credit arising from the valuation of the Group's derivative financial instruments of £0.1m (2014: a charge of £1.8m) and a credit arising from valuing the Group's £100m Convertible Bond of £48,000 (2014: £1.6m).

Chief executive Michael Slade said: "Our portfolio is primarily targeted towards London for capital growth and development profits, and the regions for high yielding investment assets and trading profits. London continues to deliver strong returns and the Company is looking to increase its commitment to London by retaining its refurbishment schemes at C-Space, Charterhouse Square and, most notably, The Bower. Our larger balance sheet and our belief that the London office market will show continued growth has encouraged the Company to increase its exposure to locations which we believe will outperform.

"I have been Chief Executive of Helical since 1984 and one of its major shareholders for most of that period. In July 2016, at the next AGM, I will hand over the reins to Gerald Kaye, my fellow director for the past 21 years. I have been asked to take over from Nigel McNair Scott, our current Chairman, when he retires at next year's AGM and I am delighted to be able to continue to be part of the Helical story."