“Skanska has landed a major £273 million ($373 million) contract from the Broadgate joint venture between British Land and GIC to fully redevelop One Appold Street, an 1980s-era office building in the City of London. The project involves retaining the existing concrete and steel structure while adding six new floors, expanding floorplates, installing a new facade, and delivering approximately 360,000 square feet of premium office space plus 48,000 square feet of amenities including a gym, restaurants, and a roof terrace. The 14-storey sustainable redevelopment underscores growing demand for high-quality, low-carbon office environments in prime central London locations, with construction underway and completion targeted for the first quarter of 2029.”
One Appold Street Redevelopment Marks Significant Win for Skanska in Competitive London Market
Skanska has been awarded a substantial contract valued at £273 million, equivalent to approximately $373 million based on current exchange rates, to lead the comprehensive redevelopment of One Appold Street in London’s Broadgate estate. The project, commissioned by the Broadgate joint venture of British Land and GIC, represents one of the final major transformations within the long-established Broadgate campus, a cornerstone of the City of London’s commercial real estate landscape.
Originally constructed in 1986 as part of the expansive Broadgate development, One Appold Street has reached the end of its functional lifecycle in its current form. Rather than pursuing full demolition, the scheme adopts a forward-thinking approach by retaining the building’s core concrete and steel frame. This structural reuse strategy minimizes embodied carbon emissions, aligns with evolving sustainability mandates in the UK commercial sector, and reduces overall construction waste compared to a ground-up rebuild.
The redevelopment scope encompasses full construction services alongside complete mechanical, electrical, and plumbing installations, with Skanska’s in-house specialists handling the building services component. Key enhancements include expanding the floorplates outward in all directions to create more efficient and flexible workspaces, replacing the existing facade with a contemporary design that harmonizes with neighboring Broadgate properties, and vertically extending the structure by six additional floors.
Upon completion, the building will rise to 14 storeys and offer around 33,500 square meters (approximately 360,000 square feet) of high-specification office accommodation. An additional 4,500 square meters (about 48,000 square feet) will be dedicated to tenant amenities and public-facing spaces, featuring a state-of-the-art gym, restaurant and hospitality offerings, and an expansive roof terrace providing panoramic views over the City.
The project emphasizes sustainability throughout, positioning the redeveloped asset as a modern, net-zero-ready workplace capable of meeting stringent environmental performance criteria increasingly demanded by occupiers in London’s competitive leasing market. This focus on low-carbon refurbishment reflects broader industry trends where developers and contractors prioritize retrofitting existing structures to extend asset life while achieving superior energy efficiency and reduced operational carbon footprints.
Construction commenced on site in the first quarter of 2026, following the formal award and booking of the contract into Skanska’s European order backlog for the period. The timeline targets practical completion in the first quarter of 2029, providing a multi-year workload that strengthens Skanska’s pipeline in the UK capital and demonstrates the company’s expertise in delivering complex, large-scale urban redevelopment projects.
Broadgate remains one of London’s premier mixed-use campuses, benefiting from exceptional transport connectivity via Liverpool Street station and proximity to key financial institutions. The transformation of One Appold Street will further elevate the estate’s appeal, delivering flexible, high-quality space tailored to post-pandemic workplace preferences that prioritize wellness, collaboration, and environmental responsibility.
This contract bolsters Skanska’s established presence in London, where the firm has a track record of executing prominent commercial schemes. By securing this high-profile assignment, Skanska reinforces its position as a preferred partner for major institutional investors seeking reliable delivery of sustainable, value-enhancing developments in prime central districts.
The redevelopment arrives amid a stabilizing office market in the City, where demand for best-in-class, sustainable buildings continues to outpace supply for older stock. Projects like One Appold Street highlight the viability of ambitious refurbishments in maintaining London’s status as a global financial hub while addressing climate goals.
Key Project Specifications
Contract Value : £273 million (~$373 million)
Client : Broadgate JV (British Land and GIC)
Scope : Full construction, mechanical & electrical services installation
Existing Structure : 1986-built concrete and steel frame (retained)
Enhancements : Six additional floors, expanded floorplates, new facade
Final Configuration : 14 storeys
Office Space : ~33,500 sq m / 360,000 sq ft
Amenity Space : ~4,500 sq m / 48,000 sq ft (gym, restaurants, roof terrace)
Construction Start : Q1 2026
Expected Completion : Q1 2029
Disclaimer : This article is for informational purposes only and does not constitute investment advice, financial recommendation, or solicitation to buy or sell securities. Real estate and construction markets involve risks, including economic fluctuations, regulatory changes, and project delays.
