Skanska Win Two Kingdom Street Contract
Published on 21-04-2008 by Skyscrapernews.com
Confounding naysayers worrying about a downturn, Development Securities has awarded the construction contract for their next scheme in London's Paddington, Two Kingdom Street.
Winning the £88 million contract is Skanska who plan on beginning construction on the KPF designed 46,200 square metre building immediately with completion set for January 2010.
This isn't the first time the two firms have been involved - Skanska have only recently put the finishing touches to Development Securities One Kingdom Street next door.
Two Kingdom Street is the second phase of Paddington Central following on from One Kingdom Street which is currently only 30% full.
The move to begin construction now when many are expecting falling demand in office space, not to mention Development Securities own troubles in letting out in phase one, show that not all developers believe the credit crunch will have a massive effect on business and that the medium term future is rosier than some would have us believe.
Development Securities are also likely to have been encouraged by the healthy location of the project in Paddington which is proving popular with firms looking at an area close to London's West End that offer large floor plates, cheaper rents and with primary transport links including easy access to Heathrow Airport.
Two Kingdom Street adds to the latest of a number of recent starts on site including the uber-red Carmine, part of the Merchant Square development.
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