Bovis Lend Lease has beaten off competition from Mace and Sir Robert McAlpine to win a £150m deal to build the second phase of British Land’s Regent’s Place scheme in London.
The construction management deal will see Bovis build the North East Quadrant at Regent’s Place, near Euston. The scheme will contain 500,000ft2 of office, retail and residential space.
Work to prepare the site for redevelopment will start immediately, in a boost for the London commercial sector.
Bovis built some of the buildings in the first phase of Regent’s Place, and has also relocated its London offices to the development. The overall scheme is a 13-acre mixed-use development, which will include 1.5 million ft2 of office, retail and leisure space.
Bovis’ appointment comes a week after British Land committed to a £1.5bn development programme in the London office market. The investment, two-thirds of which will be paid for directly by British Land, will create 2.1 million ft2 of office space in the capital.
The pipeline includes Richard Rogers’ £170m “Cheesegrater” tower in the City, and the 700,000ft2 redevelopment of the Broadgate Estate, above Liverpool Street station.
Possible comment from Bovis to come.