Bovis close to clinching British Land tower in City
BOVIS Lend Lease is finalising a deal to build the latest in a line of office blocks set to spring up across London.
The firm, which announced a drop in its annual profit last week, has been negotiating with developer British Land to build the £150 million Leadenhall tower. The block is at 122 Leadenhall Street in the heart of the City, just yards from the Lloyd's of London building.
A project source confirmed that talks are taking place between Bovis Lend Lease and British Land.
The contractor is already building the £200 million Broadgate Tower at 201 Bishopsgate ? also in the City ? for the same client.
Mace is building another British Land-owned office block at 51 Lime Street for £120 million, which is just around the corner.
A source close to the Leadenhall project said: 'It is a construction management deal, so Bovis will be doing it for a fee. That means the client pays the subcontractors directly and there is a lot less risk involved.
It's the same deal on the Broadgate Tower.
'It's not too unusual an arrangement for Bovis as they prefer working as a construction manager, which is probably why they are firm favourites with British Land.'
The 48-storey Leadenhall tower has been designed by architect Richard Rogers Partnership and will be nearly 230 m high.
The building's floors will gradually decrease in space as it tapers towards the top. The structure will feature an exposed steel frame surrounded by glass, which will be covered by blinds that automatically adjust to changes in sunlight.
The 53,000 sq m building will be let to one or more business tenants and the ground floor will be used for restaurants, bars and public space.
The second and third floors will also feature a public bar and seating.