Landsec has conditionally exchanged contracts to forward purchase Oval Works.

The building is part of Berkeley’s 1,300 home community development Oval Village in Lambeth.

Oval Works will contain 76,800 sq ft across seven floors and is expected to compelte in 2025.

Adding an all-electric building to its portfolio demonstrates Landsec’s commitment to becoming a net zero carbon business by 2030.

Landsec will work with Berkeley to create a vibrant mixed-use community, underpinned by a customer-led proposition of promoting healthy and sustainable spaces.

The new building will target the highest level of BREEAM and WELL certifications.

Cycle spaces and end of journey facilities are to be provided to encourage healthy living and sustainable travel.

Landsec has the potential to provide a mix of office products here, including its flexible office brand Myo.

Marcus Geddes, Managing Director of London, Landsec commented: “This is an exciting milestone in the delivery of our strategy, as we seek to optimise our London office portfolio by reinvesting capital into locations and products that can deliver strong returns.

“We want to create sustainable places that boost economic activity and foster wellbeing, knitting our office developments into the fabric of the city. Oval Works is an ideal opportunity to deliver on this ambition, creating a working hub in an emerging office location within central London. We look forward to collaborating with Berkeley to shape this special place.”

Paul Vallone, Divisional Managing Director, Berkeley addded: “Oval Village is an award-winning mixed-use development. Part of that success has been the significant contribution to placemaking that will come from Oval Works and the people who will work there. We are delighted to be working with Landsec who share our aspiration of high-quality buildings and spaces to make this a new destination for London.”