Exclusive: Contractor preferred bidder for Kingsgate House scheme ahead of Mace and Sir Robert McAlpine
Lend Lease has been lined up for the 拢150m job to build Land Securities鈥� Kingsgate House scheme in London鈥檚 Victoria.
The development, at 66-74 Victoria Street, is part of the firm鈥檚 2 million ft2 redevelopment of the area. It is designed by Lynch Architects and involves the demolition of the existing office block and its replacement with two buildings 鈥� one commercial and the other residential.
Lend Lease has been selected as a preferred bidder for the project, thought to worth around 拢150m, after beating off competition from Mace and Sir Robert McAlpine. Lend Lease鈥檚 win capped a good week for the contractor, after it won the job to build Peel Ports鈥� 拢300m .
The Kingsgate House project received planning permission from Westminster council in November 2011. It will provide 203,000ft2 of Grade A office space and 102 residential apartments as well as public space bordered by shops and restaurants.
Demolition of the existing building began earlier this year, but Land Securities has yet to set a date to begin construction, only committing at this stage to complete the substructure - including a large basement connecting the two buildings - and to build to ground level.
It is understood the developer has concerns about the viability of the project in the current market, particularly the office scheme, with a decision on how to proceed expected to be made at a Land Securities board meeting next week.
A source said the developer wanted 鈥渕aximum flexibility鈥� on building out the scheme. 鈥淭he idea is to get it to a point so when we press the button it can go up very quickly,鈥� he said.
Lend Lease declined to comment.
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