A £30m contract to refurbish an office building in the City of London has been awarded to Skanska.
Major refurbishment work will take place at Finsbury Circus House, at 10 South Place near Liverpool Street, under the terms of the contract. The building is owned by Union Investment Real Estate GmbH, which has appointed Core to manage the project on its behalf.
Skanska specialises in construction, mechanical and electrical services installations and will use this expertise throughout the contract. Among the first tasks the Swedish construction firm must carry out is the demolition of the ground floor slab, along with structural alterations to the office building, which stands eight storeys high.
An additional floor will be added to Finsbury Circus House at roof level during the reconstruction phase, which will offer an extra 1,000 sq metres of fully-serviced office space. The Portland Stone facade of the Finsbury Circus elevation will be fully restored.
New mechanical and electrical services will be added throughout the building by the Skanska team, while a high quality reception area and toilets will be constructed, along with six new passenger lifts.
Skanska building – London & South East operating unit managing director Paul Heather said: “The award of this contract demonstrates our capability to develop the range of projects we undertake, and deliver value solutions to our clients. We have worked with both Union Investments and Core on previous schemes in London and I am delighted that we will be continuing to build upon our successful relationship at Finsbury Circus House.”
Fletcher Priest has been appointed as architect for the project. Construction work will start immediately and is due to be completed by January 2013.
Dr Karl-Joseph Hermanns-Engel from Union Investment Real Estate GmbH said: “The current market cycle in London provides an almost perfect opportunity for this type of reconstruction in prime locations. Repositioning our property will enable us to meet thehigh demand for energy-efficient core properties in the financial district.”
CORE director David Ainsworth said: “This is an exciting opportunity to reconstruct a principal building in a key City of London location, and we are pleased to be working again with Union Investment. When completed, Finsbury Circus House willprovide high quality office space at a time when the supply of Grade A space is forecast to be tight.”