Construction start of £115 million 6 Bevis Marks London development scheme

AXA Real Estate Investment Managers in partnership with private equity real estate investment advisory company MGPA, announce that they have appointed Skanska to commence construction on 6 Bevis Marks, the major new 170,000 sq ft office development in the City of London. Development finance for the speculative office scheme has been provided by Eurohypo and the project has an expected circa £115 million total development cost.

6 Bevis Marks is located in the heart of the City of London’s insurance district, and its 2013 delivery date will allow it to capitalise on the Square Mile’s general lack of new build office supply. The scheme benefits from its close proximity to the major transport hub of Liverpool Street, where a new crossrail terminus will be added in 2017 to the existing rail, underground and bus stations.

Skanska has been awarded the full design and build contract for the Fletcher Priest Architects designed scheme, having previously been engaged during the demolition phase. The design includes floor plates ranging in size from 6,000 sq ft to 13,000 sq ft, making the development suitable for a broad range of clients either on a single or multi-let basis. Furthermore the asset is targeting a BREAAM ‘Excellent’ sustainability rating and will be 80% more energy efficient than the building it replaces. It also reuses over 50% of the original structural mass that is part of an extensive sustainability agenda that shortens the construction programme, and helps avoid risks in the ground.

LaSalle is the leasing advisor to AXA Real Estate and MGPA.