Member Article

Contractor appointed to demolition of 30 Lombard Street

McKay Securities, the Real Estate Investment Trust specialising entirely in the South East and London office and industrial markets, has appointed ISG as the main contractor, on its speculative office redevelopment project at 30-32 Lombard Street, London EC3. This follows the recent completion of strip out works by ISG. The completed building will provide 58,000 sq.ft (NIA) of attractive, high quality office accommodation on the ground and nine upper floors; the building will also have a lower ground floor and a basement.

Demolition of the existing obsolete 1960s office building (35,800 sq. ft.) will commence shortly and delivery of the new building to the market is expected to be in early 2018. The contract sum for the works will be around £29m..

Knight Frank and Savills have been appointed as letting agents to market the building to potential occupiers. Commenting, Simon Perkins, Managing Director of McKay said: “The appointment of ISG is an important step towards the delivery of this prime redevelopment. This will be an attractive workspace in the heart of the City of London. The supply of new buildings for mid-sized occupiers looks set to remain constrained and we are confident that this scheme will be well received by the market.” “We look forward to working with the team at ISG, who are highly regarded for their construction expertise in the City.” “This exciting project is in addition to our speculative office schemes in Redhill and Reading, which remain on programme for completion in H1 2016. These three schemes currently have a combined rental value of c.£5.0 million pa in markets where lack of supply continues to generate rental growth. We look forward to updating shareholders on progress with our interim results in November.”

This was posted in Bdaily's Members' News section by Ellen Forster .