Plans for a major commercial building in central London have taken a major step forward.

Skanska has struck a deal for a £240 million contract to build 20 Ropemaker Street on behalf of Great Elm Assets Limited, in association with Old Park Lane Management Limited and their Development Partner CO—RE.

This will see a 25-storey building constructed at a prominent London location, consisting of 419,093 sq ft of office space and 11,785 sq ft of ground level retail space.

Located at the junction of Finsbury Pavement, the development will rise 112m high above pavement level, with a double-height retail unit within a 'street block' along Finsbury Pavement.

The project includes the creation of a double-height entrance and lobby along Ropemaker Street close to Moorgate Tube Station and a separate dedicated cycle entrance. A single storey of business space will be located at mezzanine level within the 'street block'. Occupiable office space will cover 22 floors, with five accessible roof terraces. Three basement levels are provided for retail servicing, plant, facilities management, cycle and shower facilities.

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As well as serving as contractor, Skanska will also install mechanical, electrical and plumbing engineering services in the project, which will start construction in the first quarter of 2020. The existing buildings are currently being demolished ahead of construction.

Steve Holbrook, Managing Director, Building, said: "We are delighted to win this contract and to welcome Great Elm as a customer. The project is aiming to achieve BREEAM 'Outstanding' and WELL Building Standard Version 2 – Platinum and we will use innovative construction techniques to help the client realise this ambition.

"Our innovative approach enables us to deliver better and more effective projects for customers and we look forward to working with our customer to achieve this on Ropemaker Street."

The scheme is designed by Make Architects, with other consultants on the scheme including WT Partnership (quantity surveyors), Waterman (structural engineer) and Hilson Moran (services engineer, including sustainability).

It is expected to reach completion in early 2023.

(CM/MH)