Finsbury Circus House refurbishment

Press release 10/10/2011 09:00 CET

Skanska awarded £30 million office refurbishment in the City of London

Finsbury Circus House Refurbishment

Skanska’s expertise in delivering high quality commercial office projects in London has secured the award of a major Category A office refurbishment contract at Finsbury Circus House, 10 South Place, near Liverpool Street Station in the City of London.

Valued at around £30 million (approximately SEK 300 million), the contract will be included in Skanska’s order bookings for the third quarter of 2011. The client for the scheme is Hamburg-based Union Investment Real Estate GmbH, the owner of Finsbury Circus House, which has appointed CORE to manage the project on its behalf.

To deliver a solution to its client, Skanska has combined its in-house skills and expertise in construction and mechanical and electrical service installations.

Initial works will include the demolition of the ground floor slab, together with structural alterations to the existing eight-storey office building.

During the reconstruction phase, Skanska will add an additional floor at roof level to provide in excess of 1000 square metres of additional prime, fully serviced office space.

The scope includes the full restoration of the existing Portland Stone façade to the Finsbury Circus elevation and the construction of a new rear façade incorporating Portland Stone and new windows to the rear elevation.

The Skanska team will also undertake the installation of new mechanical and electrical services throughout, as well as new internal finishing including high-quality toilet and reception areas, and six new passenger lifts.

The architect for the scheme is Fletcher Priest. Work will start on site immediately, with completion scheduled for January 2013.

Commenting, Paul Heather, Managing Director of Skanska’s Building – London and South East, 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.”

Dr Karl-Joseph Hermanns-Engel, Union Investment Real Estate commented: “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 the high demand for energy-efficient core properties in the financial district.”

David Ainsworth, Director of CORE added: “This is an exciting opportunity to reconstruct a principal building in a key City ofLondon location, and we are pleased to be working again with Union Investment. When completed, Finsbury Circus House will provide high quality office space at a time when the supply of Grade A space is forecast to be tight.”