Skanska secures contract to deliver major new office development in the City of London

55 Old Broad Street is set to join the growing portfolio of buildings being delivered by Skanska, and represents AshbyCapital’s latest investment in high-quality, design-led workspace in central London.

The project will create around 270,000 sq ft of high-quality office accommodation across 23 storeys, alongside retail space and public realm at ground level. The scheme will establish the building as a best-in-class office address in one of London’s most well-established business locations, close to key commercial, financial and cultural destinations within the Square Mile.

Designed to meet the needs of modern occupiers, the development reflects continuing demand for market leading workspace in prime City locations. The development will target key sustainability credentials including BREAAM Outstanding and NABERS 5*.

Private equity real estate firm AshbyCapital is taking this landmark new commercial development forward, with Landsec retaining a role as development manager, after planning consent for the scheme was secured in 2023.

Construction is due to start in October 2026 and complete in late 2029. Skanska’s role extends beyond the core build elements, with teams also delivering the full mechanical, electrical and public health systems installation, as well as Cat A office fit-out works. This integrated approach draws on Skanska’s specialist expertise in both main construction and high-quality workplace delivery.

Skanska will also carry out a sensitive refurbishment of the Grade II-listed Bishopsgate Victorian Bath House. In addition, teams will also deliver the refurbishment of 65 Old Broad Street, a five-storey building adjacent to 55 Old Broad Street.

Lee Marks, Executive Vice President at Skanska, said: “55 Old Broad Street is in a prime City of London location, just a stone’s throw from Liverpool Street Station. This development will create high-quality, future-ready workspace in an exceptionally well-connected commercial district. We are proud to be partnering with AshbyCapital and bringing Skanska’s specialist expertise to a scheme of this scale and significance.”

Tom Smithers, Property Director of AshbyCapital, said: “Securing Skanska as our construction partner is an important milestone for 55 Old Broad Street and reflects our shared ambition to deliver a best-in-class workplace in the heart of the City. This scheme will create high-quality, sustainable space that meets the evolving needs of occupiers, while enhancing the wider public realm and bringing new energy to this part of London.

“At AshbyCapital, we focus on delivering design-led buildings that combine strong environmental performance with outstanding amenity, and we look forward to working closely with Skanska and Landsec to bring forward 55 Old Broad Street.”

Throughout the construction of 55 Old Broad Street, Skanska will work closely with Landsec, the development manager for the scheme. Over its 25 years of building in the UK, Skanska has grown a long-standing and productive relationship with Landsec, and this development further strengthens that partnership.

Other commercial schemes currently being delivered by Skanska in London include The Smith on Millbank, South Molton in Mayfair, One Appold Street in the City of London and 105 Victoria Street in Westminster.