Skanska signs $190m contract with Olayan for mixed-use scheme in London

WCN Editorial Team 22 May 2018 EUROPE BUILDINGS

Swedish construction and development company Skanska has signed a £141m ($190m) contract with The Olayan Group to build K1 Knightsbridge, a mixed-use scheme in the Royal Borough of Kensington and Chelsea, London.

The 31,600m² development will create modern, high-end retail and office space, 35 residential units and a new rooftop restaurant.

The site’s historic facades and the neighbourhood’s architectural character will be retained during the construction of the scheme.

Another major feature of the scheme will be the creation of a step-free access to Knightsbridge underground station via a new entrance.

Chelsfield is the developer for the project. Construction began in April 2018 and is expected to be completed at the end of 2020.

Earlier in May 2018, Skanska invested SEK560m ($64m) in office building Sthlm 04 in Stockholm, Sweden, which has a leasable area of 12,000m².

The office building is part of the Swedish company’s investment in the Hammarby Sjöstad area.

With eight floors and 1,750m² per floor, the office building will provide a good complement to the Sthlm 01 high-rise building.

The office area, Sthlm New Creative Business Spaces, will consist of 100,000m² of office and accommodate more than 6,000 workplaces.

It will feature a selection of restaurants and other services and will be in close proximity to the area Södermalm, as well as good transport connections.

Stockholm Seaside and Sthlm 03 were the first two office buildings to be constructed in Sthlm New Creative Business Spaces and both buildings have been fully let and divested to Vasakronan and Aberdeen.

Construction of the high-rise building, Sthlm 01, began at the beginning of 2017, and the 27-floor building is expected to be a new landmark in Stockholm.

Construction on Sthlm 04 will begin immediately and the premises are expected to be ready for occupancy in the fourth quarter 2020.

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