Skanska, a construction company, has embarked on a construction project to deliver a planned offices scheme at South Molton in London's Mayfair district, UK.
The company has signed a £197m ($254.4m) contract with a joint venture between Grosvenor and Mitsui Fudosan UK. Skanska will oversee the construction of two office buildings as part of the broader redevelopment project in South Molton.
The contract will be recorded in Skanska's European order bookings for the fourth quarter of 2024.
The construction initiative involves the demolition of existing structures and the creation of two new buildings, offering 13,800m² of office space.
Additionally, the redevelopment will provide retail, leisure, and food and beverage facilities, including the refurbishment of the historic Running Horse pub.
The new buildings are designed to meet the highest environmental standards, aiming for Building Research Establishment Environmental Assessment Method (BREEAM) Outstanding, NABERS 5 accreditation, and WiredScore Platinum certification.
South Molton's transformation is expected to revitalise the area, turning it into a hub for both leisure and work.
Construction is already underway, with the completion date projected for July 2027.
Skanska Group has a strong presence in the Nordics, Europe, and the US. The group reported a revenue of Skr157bn in 2023.
In the UK, the company is involved in various sectors, including real estate and infrastructure. Recently, it secured new contracts in the UK and US, valued at £105m and $74m, respectively.
