second Development Securities contract
21st April 2008
Development Securities has today awarded Skanska UK a contract worth around £88 million to construct Two Kingdom Street at PaddingtonCentral. This latest project will be the second building Skanska has constructed for Development Securities and follows the successful completion of One Kingdom Street in February.
Two Kingdom Street is funded by Morley Fund Management and Quinlan Private.
Work on this latest award begins immediately, and involves the construction of a 13-storey state of the art building, comprising 46,200 square metres (Gross External Area). Two Kingdom Street, has been designed around a grand multi-level atrium with ten floors of flexible office space and two below-podium floors of Studio workspace for business starter units.
To undertake this project, Skanska has again put together a team, which draws upon the expertise of its building, mechanical and electrical, ground engineering and specialist Operating Units.
Creating this “Skanska team”, has meant that Skanska has been able to offer Development Securities a unique approach, which meets technical requirements but which also draws on previous Skanska landmark building experience to provide a solution that will deliver a sustainable building which is sympathetic to its surroundings.
Two Kingdom Street, PaddingtonCentral is scheduled for completion in January 2010.
David Fison, Chief Executive of Skanska UK said: "Successful projects come from successful teams. To create successful teams you need compatible cultures, early engagement to address the issues and plan the job and continuity of work to keep the teams together. One Kingdom Street was a great example of a successful project. Two Kingdom Street will be even better.”
Julian Barwick, Director, Development Securities said: "Skanska has done an excellent job at One Kingdom Street, finishing on time and budget, and we are now inviting them to give a repeat performance. They are a great team and I look forward to this building's successful completion in early 2010."
Two Kingdom Street - Key Facts:
State-of-the-art building including ten floors of office space.
- Six semi-scenic passenger lifts.
- Office space sits in part above a two storey studio workspace for business starter units.
- Four Skanska Operating Units form the team to undertake the construction of Two Kingdom Street
- Construction Private Sector
- Mechanical & Electrical services
- Piling & Foundations
- Ceilings & Plasterwork
- General construction comprises a concrete frame incorporating post tensioned concrete slabs.
- A number of sustainable measures are being adopted throughout the construction phase in regards to energy, water usage and waste management. Key Performance Indicators (KPI's) will be used to monitor continual improvement of environmental performance on site.
- Solar panels will be installed to contribute to the building’s domestic hot water services.
- External cladding is principally glazed curtain wall incorporating solar control glass and some elements of shading.
- The project is to be completed to Cat A specification with the Reception and Lavatories being fully fitted out.
- The Reception area will feature stone composite flooring, bespoke panel wall linings and specialist lighting as well as a bespoke water feature in the atrium.
- Elements of the building are being prefabricated off-site, for example M&E services, toilet finishes and cladding units, which has enabled on-site construction periods to be reduced.
- The lavatory fit-out will utilise off-site unitised construction and features tiled floors, glass and tiled walls with veneered doors.
For further information, please contact:
Skanska - Tanya Barnes, Head of Communications – tel. - 01923 423 905
For Development Securities – Naomi Galt, Tamesis – tel.- 020 7269 9351
Notes to Editors:
Skanska UK
Skanska UK Plc is a construction services business structured as follows:
Construction Business Stream - encompassing all building activities including Construction, Fit-out, Mechanical and Electrical, Hard FM and Building Services, Design, PFI/PPP, Ceilings & Decorative Plasterwork and Steel Decking.
Infrastructure Business Stream - encompassing our Civil Engineering, Utilities and Infrastructure Services and Piling and Ground Engineering Businesses.
Development – our Communities team which delivers ModernaHus, the Skanska low energy MMC residential solution and by drawing on the expertise from other Skanska UK businesses delivers total community developments.
Our business model is to integrate our core disciplines to deliver project solutions in our chosen market areas. By integrating all disciplines and working together with our clients, our partners and our supply chain, we make a real difference to the way construction is delivered.
Backed by the financial strength of our parent, Skanska AB, we focus totally on our customers in the UK market. We understand our customers’ needs and combine this with a “can-do” mindset to get it right first time. By continually improving the service we offer and delivering on safety, environment, quality and performance – our clients see us as the first choice of partner.
Our ability to demonstrate real responsibility to the people, organisations and environments in which we work attracts the next generation of talent who want to make a real difference.
We employ over 5000 staff and undertake over £1.3 billion of work each year. All operating units have certification to the management systems ISO 14001, ISO 9001 and OHSAS 18001 and work strictly in accordance with the Skanska Code of Conduct.
Skanska UK is part of Skanska, one of the world’s leading construction groups with expertise in construction, development of commercial and residential projects and
public-private partnerships. The Group currently has 60,000 employees in selected home markets in Europe, in the US and Latin America. Headquartered in Stockholm, Sweden and listed on the Stockholm Stock Exchange, Skanska's sales in 2007 totalled
USD 23 billion.
Development Securities
Development Securities PLC is a property development and investment company. Its principal objective is to carry out substantial, complex developments in a risk averse manner with a view to adding maximum value for its shareholders. All of the Company's major development schemes have been forward funded with a number of different institutional partners; such funding, quite apart from the significant reduction of downside risk to us, enables Development Securities to benefit in a material way from any strong improvement in specific letting markets.
Both the development and investment businesses are focused exclusively in the United Kingdom.
PaddingtonCentral
Two Kingdom Street will benefit from the exceptional leisure and retail facilities and the distinctive terraced amphitheatre at Sheldon Square which has become the new social hub and the heart of Paddington. Sheldon Square the first phase of PaddingtonCentral was completed in 2002 and is established as one of central London’s premier developments. Major office occupiers include Prudential, Chiltern plc and Kingfisher plc.
The next phase of development at PaddingtonCentral was kick started by One Kingdom Street, a 250,000 sq ft office building completed in February 2008 which achieved one of the most significant West End deals of 2007 by securing a pre let of 73,000 sq ft (6,770 m2) to Misys plc, the global software and solutions company, who took a 15 year lease.
Kingdom Street, a tree-lined paved pedestrianised boulevard, will form the backbone of the second phase in PaddingtonCentral’s development, which includes a 206-bedroom four star business hotel run by Accor under its Novotel New Generation brand.
PaddingtonCentral is located immediately adjacent to Paddington Station with access to the Heathrow Express and Great Western main line, as well as four Underground lines, an enviable location in terms of connectivity and travel times for businessmen and commuters. The Government’s recent commitment to the construction of Crossrail, with a major interchange at Paddington, will further enhance Paddington’s status as one of the best connected business locations in London.
This and other press releases can be found at www.skanska.co.uk