Construction Starts on 100 Cheapside with the appointment of Skanska as contractor.
Joint venture partners CarVal Investors, Orion Capital Managers, the City of London Corporation and Quadrant Estates today announced the appointment of Skanska as building contractor on 100 Cheapside, the 100,000 sq ft prime City office development in London. Work will start immediately.
Skanska will be responsible for the £28m construction of the Grade A office development, which is scheduled for completion in autumn 2014. 100 Cheapside is located in the heart of the City of London, between the Bank of England and St Paul’s on the corner of King Street, and benefits from excellent transport links.
Tristram Gethin, Managing Director and founding Partner of Quadrant Estates, who is overseeing the development, commented on behalf of the investors:
“We are right on track with the development of 100 Cheapside, which will occupy a prime site in the heart of the City. It is one of the last pieces of Cheapside to be redeveloped. The spectacular building will have stunning views from its ninth floor roof terrace and will attract occupiers looking for a high spec HQ building in a great location.”
100 Cheapside will be a BREEAM ‘Excellent’ building, which will offer office floor plates of up to 11,000 sq ft over 10 floors, targeting core City occupiers looking for Grade A space. The development will include 9,000 sq ft of retail accommodation, which is likely to attract major brands looking for exposure to the City retail market on this prime retail thoroughfare.
Paul Heather, Managing Director, Building – London and South East, Skanska said: “Winning this project in such competitive market conditions is a true testament to our commitment to a more sustainable future and our client’s confidence that they can use our knowledge and skills to achieve a building which meets the high environmental standards of today and for years to come.”
The location will also benefit from the City Corporation’s Cheapside Retail Initiative, which aims to significantly enhance the local streetscape and will reinforce Cheapside as one of the City’s main shopping destinations.
CBRE and BNP Paribas Real Estate act for the joint venture partners on the leasing of 100 Cheapside. The building is designed by EPR Architects.