Construction is set to commence this October on one of the City of London’s most significant commercial developments, as Skanska prepares to begin work on the £282m redevelopment of 55 Old Broad Street.
The scheme will deliver approximately 270,000 sq ft of premium office accommodation across 23 storeys, alongside new retail space and enhanced public realm, reinforcing the continued demand for high-quality, sustainable workplaces within London’s financial district.
Originally promoted by Landsec, the development is now being taken forward by private equity real estate investor AshbyCapital, with Landsec continuing to play a key role as development manager.
Completion is scheduled for 2029, with the project aiming to create a future-ready commercial destination just moments from Liverpool Street Station, one of the capital’s busiest transport hubs.
Skanska’s appointment extends well beyond the core construction works. Alongside delivering the main building structure, the contractor will install the full mechanical, electrical and public health (MEP) systems, together with the Cat A office fit-out, providing occupiers with modern, flexible workspace designed to meet evolving business requirements.
The project also includes the sensitive refurbishment of the Grade II-listed Bishopsgate Victorian Bath House, preserving an important piece of London’s architectural heritage, as well as the refurbishment of the neighbouring five-storey building at 65 Old Broad Street. Together, these elements demonstrate a balanced approach that combines contemporary commercial development with the restoration of historic assets.
As occupier expectations continue to evolve, developers are placing greater emphasis on creating workplaces that deliver strong environmental performance, high-quality amenities and attractive public spaces. The redevelopment of 55 Old Broad Street reflects these changing priorities, with sustainability, connectivity and employee wellbeing all forming key components of the overall vision.
Lee Marks, Executive Vice President at Skanska, described the project as an opportunity to create high-quality, future-ready workspace in one of London’s best-connected commercial locations. He added that the company was proud to bring its specialist expertise to a development of such scale and significance.
Tom Smithers, Property Director at AshbyCapital, said securing Skanska represented an important milestone for the project. He noted that the shared ambition is to deliver a best-in-class workplace that combines outstanding design, strong environmental performance and enhanced public realm while meeting the changing needs of modern occupiers.
With demand for sustainable, high-specification office space continuing to drive investment across the City, 55 Old Broad Street is set to become another flagship commercial development contributing to London’s evolving business landscape while supporting the ongoing regeneration of one of its most prominent financial districts.
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