Construction of a £110 million, 19 storey office building in the City that has spent ten years in the development pipeline is expected to start soon with a contract reportedly to be awarded to Skanska.
The One Mitre Square project was shelved last year, despite demolition getting under way, while developer Helical Bar looked for a funding partner, after Skanska, Carillion and Balfour Beatty had already been shortlisted. Helical Bar confirmed in its interim results last month that construction on the already cleared site would start this year now that a joint venture funding partner had been found.
The Sheppard Robson designed 79 metre tall, 270,000 sq ft office development, which aims for a BREEAM ‘Excellent” rating, will be mostly offices, with shops on the ground floor and two basement levels, to be built on a very constrained site adjacent to a school, other offices and residential buildings. The project includes major public realm works and landscaping around the building.
The site is close to other City landmarks like Heron Tower and the Willis and Lloyds Buildings in the EC3 district. The start of work on the One Mitre Square project will be widely seen as further evidence of a strengthening London development market.
Other major construction projects already awarded this year include the £150 million Rathbone Place project which Lend Lease is to undertake for Great Portland Estates.
Skanska itself has already been awarded a £97 million contract this year for the 20 storey One New Street Square development for Land Securities.
Photo © Helical Bar PLC