Landsec has appointed Sir Robert McAlpine as its main contractor to deliver 21 Moorfields, using a new collaborative approach to construction partner selection.
To ensure maximum efficiency on this complex development, Landsec has trialed an enhanced procurement process, focused on collaboration and team-fit to find the most suitable supplier to take on the construction challenge.
Behavioural assessment, more commonly used in the public sector, aims to help clients and supply partners achieve better outcomes together. Landsec worked with potential contractors in workshops where project teams were interviewed and observed on their collaborative working, communication and problem-solving skills.
Following the assessment process, Landsec selected leading UK construction and engineering company Sir Robert McAlpine as its main contractor. Landsec has previously worked with McAlpine on its London development 62 Buckingham Gate.
Beth West, Head of Development, London at Landsec commented:
“For a build of this size and complexity to be a success it requires not only the highest level of construction expertise, but also a culture where challenges can be discussed openly, tackled and overcome together.
“How we select and work with our supply chain mirrors our customer approach of partnership and collaboration. Sir Robert McAlpine joining us to work on the transformation of the Moorgate area is reflective of the high ambitions we have for the scheme.”
Paul Heather, Regional Managing Director at Sir Robert McAlpine added:
“We’re incredibly pleased to be appointed to deliver this exceptional project with Landsec. We look forward to deploying our technical excellence to overcome any complexities in the project and continuing our work in the capital.”
17/10/2018 10:22 by Buildington
TfL enabling works at 21 Moorfields have finished and the construction is on track to complete piling in March 2019.
Source: Landsec Preliminary Results 2018 for the year ended 31 March 2018.
15/05/2018 11:03 by Buildington
Deutsche Bank will vacate 5 buildings totalling 650,000 sq ft and relocate into one building taking a minimum of 469,000 sq ft at 21 Moorfields.
Deutsche Bank will start fitting out in 2021 ready for occupation in 2023.
Development costs are approximately £500-600m with development yield around 6%.
Source: Land Securities Group PLC Half-yearly results for the six months ended 30 September 2017. Published 14.11.2017.
15/11/2017 09:35 by Buildington
Deutsche Bank has signed a pre-let agreement for the bank’s new London headquarters at 21 Moorfields, EC2 on a 25 year lease, reports Landsec.
The agreement is conditional on planning permission.
Landsec has worked closely with Deutsche Bank on the design of a 564,000 sq ft building. The bank will retain flexibility over the amount of space it will occupy in the new building and has committed to take a minimum of 469,000 sq ft under the deal.
The building will provide Deutsche Bank with floors offering up to 50,000 sq ft of workspace supported by a highly resilient and flexible services infrastructure.
The agreement builds on Landsec’s existing partnership with Deutsche Bank, including the relocation of the bank’s Asset Management and Wealth Management divisions to The Zig Zag Building in London SW1.
Landsec acquired a long leasehold interest in the 21 Moorfields site in 2012 and obtained planning permission for two buildings totalling 522,000 sq ft on the site in 2016. It will submit a planning application for the revised scheme later this year, and is targeting practical completion in November 2021.
Colette O’Shea, Managing Director London at Landsec, commented: “We are delighted that Deutsche Bank chose to build on its existing relationship with us when it was selecting the site for its new London headquarters. We are looking forward to continuing our partnership approach and working with Deutsche Bank to meet its design requirements and business needs as we deliver its London headquarters.”
01/08/2017 18:06 by Buildington
Deutsche Bank has agreed to a 25-year lease from 2023 at 21 Moorfields, reports The Telegraph.
The bank headquarters are currently in the Winchester House at 1 Great Winchester Street in the City of London EC2.
Source: Deutsche Bank commits to London by securing new HQ http://www.telegraph.co.uk/business/2017/03/23/deutsche-bank-commits-london-securing-new-hq/ 23.03.2017
24/03/2017 14:05 by Buildington
Land Securities has agreed to purchase the leasehold interest in a 1.9 acre site at 21 Moorfields, EC2 for £16.5 million excluding vendor’s overage.
The site, comprising vacated 1970s offices and a TfL worksite, is located at the western entrance to Liverpool Street Crossrail station.
Land Securities entered into a conditional agreement to acquire the site in December 2012 and has since acted as asset manager for EY, in their capacity as Administrators of Souzel Properties Limited (in Administration), the current leasehold owners.
In order to finalise the purchase, Land Securities needed to agree a new development head lease with TfL and conclude compulsory purchase compensation arrangements on behalf of the Administrator for land required by Crossrail for its development. Following completion of both agreements, Land Securities has unconditionally agreed to purchase the site and has submitted a planning application for two new buildings totalling approximately 500,000 sq ft of predominantly office space with some retail at ground level as well as public realm.
Land Securities will own the site on two separate 250 year leases at ground rents of 5% of the net rents received. At the point of committing to construction, TfL will have the option of participating in the development with a financial interest of 15-25%. If TfL takes up the option it will share all costs pari passu.
An overage agreement exists with the vendor for a proportion of returns after a priority return to the developer has been achieved.
Commenting on the purchase, Colette O’Shea, Managing Director, London Portfolio at Land Securities, said: “This is a site with fantastic potential and superb connectivity, located in the heart of the City, adjacent to Moorgate station and the western entrance to Liverpool Street Crossrail station.”
Graeme Craig, Director of Commercial Development at TfL, said: “This deal with Land Securities is a fantastic example of the work we’re doing to make the most of our assets whilst generating long-term revenue for us to reinvest back into our network. Our partnership will enable the development of office space in the heart of London as well as retail space.”
Land Securities were advised by Savills, Capital Real Estate Partners, and Freshfields Bruckhaus Deringer. The Administrators were advised by EY Real Estate Corporate Finance and Berwin Leighton Paisner. TfL were advised by DTZ and Ashurst.
16/02/2015 12:26 by Buildington