Contractor Mace set to begin main construction work after British Land rubber stamps tenancy deal with UBS

British Land has given the green light to Mace to begin main construction work on the £340m Broadgate development London.

In a statement to the stock exchange, joint venture developers British Land and Blackstone said that main construction work on 5 Broadgate in the City of London would start in April, when demolition and site preparation work would be completed.

Mace is construction manager and cost consultant on the job near Liverpool Street Station in the City of London.

British Land said “development of the new 700,000 ft2 building will proceed” now a contract with tenant UBS had been finalised.

The new building will be built close to UBS’s existing offices in Broadgate circle and is due to be complete by the end of 2014.

British Land said demolition of the buildings currently occupying the site was underway and should be completed in April of 2012.

Tim Roberts, head of offices for British Land, said: “This is another significant milestone in the development of the new UBS building at 5 Broadgate and a real boost for the City.

“The Broadgate estate continues to evolve to serve the needs of a range of city occupiers and the 30,000 people based there.”