Construction and development company Skanska have begun work on a highly-speculative development in the City of London.
The development, located on Monument Street, is to cost £57m, and will see a number of existing buildings replaced. It is to be titled ‘The Monument Building’.
Skanska UK will itself build the development, with a construction value set at £33m. Completion is scheduled for Q4 2015.
The development will see the existing buildings at 11-15 Monument Street, 46 Fish Street Hill and 1-2 Pudding Hill replaced with 8,000m2 of office space over nine floors, with floor plates of approximately 1,000m2, plus 460m2 of ground-floor retail space
The Monument Building is designed to achieve a BREEAM ‘Excellent’ rating. Features include LED lighting, showers, cycle parking and a roof terrace with photovoltaic panels. Skanska is now marketing the development to occupiers looking for office space of 10,000sqft (929m2) or more.
Skanska’s Neal Pickering said: “This is the second office development project that Skanska has invested in during the last three months. We are particularly excited to be bringing Skanska’s experience to the development of energy-efficient buildings in the City of London. We believe The Monument Building will set new occupational standards in terms of design and sustainability within the Square Mile.
“The level of interest from potential occupiers of our developments, even at this early stage, is very encouraging and further supports our belief that the UK office market is gaining momentum across the board.”