Ashby Capital appoints Skanska for landmark City office development
Construction to begin on 270,000 sq ft scheme at 55 Old Broad Street following £282 million acquisition.
1 July 2026
Ashby Capital has appointed Skanska to deliver the redevelopment of 55 Old Broad Street in the City of London, marking a major milestone in one of the Square Mile's most significant office projects.
The appointment follows Ashby Capital's acquisition of the 23-storey development from Landsec in a £282 million deal. Construction is scheduled to begin in October 2026, with completion expected towards the end of 2029.
Located close to Liverpool Street Station, the scheme will deliver approximately 270,000 sq ft of Grade A office space alongside 15,000 sq ft of retail, food and beverage accommodation and enhanced public realm designed to strengthen the surrounding streetscape.
Skanska's contract, valued at £282 million, includes the complete construction of the new office building together with the installation of its mechanical, electrical and public health engineering systems.
Alongside the new development, the contractor will also refurbish the adjacent five-storey building at 65 Old Broad Street and undertake works to the Grade II-listed Bishopsgate Victorian Bath House, preserving an important part of the area's historic built environment as part of the wider project.
The development reflects continued confidence in the long-term demand for premium office space within the City, despite changing workplace patterns. Developers remain focused on delivering highly sustainable, amenity-rich buildings capable of attracting occupiers seeking modern, energy-efficient workplaces in well-connected locations.
Environmental performance sits at the heart of the project. The building is targeting BREEAM Outstanding and NABERS Five Star certifications and has been designed as an all-electric development, using air source heat pumps and renewable electricity to reduce operational carbon.
The scheme also continues the industry's growing emphasis on combining commercial development with improvements to the public realm, creating more active and accessible ground-floor environments that support the City's wider ambitions for a vibrant, mixed-use business district.
Landsec, which secured planning consent for the project in 2023, will remain involved as development manager, ensuring continuity as the scheme moves into its construction phase.
Tom Smithers, Property Director at Ashby Capital, said appointing Skanska represented an important milestone for the development and reflected a shared ambition to deliver a best-in-class workplace that combines strong environmental performance with high-quality amenities and improvements to the surrounding public realm.
Lee Marks, Executive Vice President at Skanska, said the development would provide future-ready workspace in one of London's best-connected commercial locations, adding that the company was proud to bring its expertise to a project of this scale.
The appointment is another significant contract win for Skanska's commercial building business and underlines continued investment in next-generation office development across central London, where demand remains strongest for high-quality, sustainable workplaces capable of meeting increasingly stringent occupier expectations.
