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InteriorExterior takes Cheapside

CONTRACTS - CITY OF L ONDON

FIT-OUT specialist InteriorExterior has moved into Bovis Lend Lease territory by nabbing a £30 million office job from under its rival's nose.

The firm has taken on a major redevelopment job at 107 Cheapside in the City of London for US developer the Carlyle Group.

Based in the US capital, Washington DC, Carlyle Group is one of the biggest private equity groups in the world with more than $31 billion of funds under its management.

InteriorExterior also beat Laing O'Rourke and Sir Robert McAlpine to the deal.

A source at InteriorExterior said: 'It's a great one to win.

Bovis has already got three jobs going on round there and I think there was a feeling at Bovis that they would win it as it's their territory.' InteriorExterior is negotiating the final contract with Carlyle, which acquired the building in July 2003.

The source said: 'It still has to be wrapped up but it's pretty much done and dusted. We've never done any work for Carlyle before but we have seen a bit of them around and it's nice to get our first job with them under the belt. It feels very good to get this one.' The contract will involve refurbishing the current office block and increasing the f loor space by around 50 per cent, bringing it up to around 55,000 sq m by making use of undeveloped land at the rear.

Retail units will also be included under the deal.

The existing facade of the block, which is located between St Paul's Cathedral and Bank Underground station, must be maintained.

The development has been designed by John Robertson Architects and will take around two years to complete. Work is expected to start next January and should be completed in the summer of 2007.

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