Skanska is set to begin construction on the long-awaited 55 Old Broad Street development in London, a project that will redefine the city's financial district with modern office and retail spaces. This significant move, backed by AshbyCapital and Landsec, signals a pivotal moment for the UK's commercial real estate sector, promising enhanced infrastructure and job creation.
What Happened
The 55 Old Broad Street project will deliver approximately 270,000 square feet of premium office space across 23 storeys, with additional retail spaces and public areas at the ground level. Originally stalled, the project is now moving forward under the leadership of AshbyCapital, with Landsec maintaining a role as development manager. Skanska has been appointed as the construction partner, tasked with not only the core build but also the installation of mechanical, electrical, and public health systems, along with Cat A office fit-outs. The project is expected to be completed by 2029 and also includes the refurbishment of the Grade II-listed Bishopsgate Victorian Bath House and the adjacent five-storey building at 65 Old Broad Street.
What This Means for Your Business
For AECM professionals, this project represents a significant procurement and contracting opportunity. The involvement of a major player like Skanska highlights the demand for comprehensive construction and engineering services that meet modern sustainability and design standards. The project underscores the trend towards creating future-ready, high-quality workspaces that align with evolving tenant expectations. As the project progresses, contractors and suppliers can anticipate potential engagements in both the construction and refurbishment aspects, with an emphasis on delivering sustainable solutions.
What US Operators Should Watch
US operators should closely monitor the project’s adherence to sustainability and design innovation, as these factors are increasingly critical in securing contracts within urban development projects. The completion timeline set for 2029 offers a clear window for businesses to align their strategies with similar large-scale initiatives. Additionally, those involved in the supply chain should prepare for potential bidding opportunities as the project advances through its phases, particularly in the areas of mechanical and electrical systems and high-quality office fit-outs.
Source: https://www.constructionenquirer.com/2026/06/29/skanska-gets-start-date-for-55-old-broad-street/. Read the original story ->
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