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WeWork bringing a new co-working space to Old Street

Property developers Helical have announced that co-working group WeWork have agreed to take a significant chunk of their The Bower development.

The flexible workspace providers, which already has 14 sites in London including one of the world’s biggest co-working spaces at WeWork Moorgate, have agreed to pre-let 59,000 sq ft at Helical’s Old Street development.

The 320,000 sq ft mixed-use site sits near Silicon Roundabout and consists of The Tower, The Warehouse and The Studio developments, along with retail and leisure units.

Announced to the London Stock Exchange this morning, the property developers said that WeWork had agreed to pre-let six floors at The Tower, equating to over one third of the space available at the 171,200 sq ft building.

The Tower, which represents the second phase of the project, is due to be completed in July 2018, and will boast 17 floors of Grade A office space once completed.

Helical’s Chief Executive commented: “This pre-let is both a strong endorsement of our capabilities in, and approach to, creating London’s leading places and spaces that people want to work in, as well as a wider vote of confidence in London’s ongoing appeal as a centre for both corporate and creative businesses.”

The announcement coincided with the release of the developer’s first half trading update, where Helical posted a modest increase in net rental income but saw pretax profit decline from £85.9m to £31.1m.

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