Private equity real estate firm AshbyCapital has acquired Landsec’s 55 Old Broad Street, the 23-storey commercial office development near Liverpool Street station in London, in a £282m deal.
Skanska has been appointed to develop the scheme, which will create around 270,000 sq ft of new office accommodation, as well as new retail space and public realm at ground level. Landsec, set to retain a role as development manager, originally secured planning approval in November 2023, which at the time had a gross development value of £500m.
In a bid to improve the site’s sustainability credentials, the development will be targeting BREAAM ‘Outstanding’ and NABERS five-star certifications. The building will be all-electric, powered by air-source heat pumps and run solely on renewable electricity.
Skanska will carry out a refurbishment of 65 Old Broad Street, a five-storey building adjacent to 55 Old Broad Street, also owned by Landsec, as well as the grade II-listed Bishopsgate Victorian Bath House.
“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.
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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.
Lee Marks, executive vice-president at Skanska, added: “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.”