Firm eyeing 4.5% operating figure over next five years
Kier has formally signed up for a PCSA on a £100 scheme to redevelop a grade II-listed building on London’s Oxford Street for Derwent.
The firm is already working on the developer’s Network building on Tottenham Court Road which is due to finish at the end of this year.
Kier beat McLaren and Wates to the Holden House scheme which involves retaining the facade of the building as part of a 133,000 sq ft office and retail scheme designed by architect DSDHA.
Erith will start demolition and enabling works in August ahead of main construction work starting next year.
The news comes as Kier said in a trading update this morning that it was upgrading its operating margin target over the next three to five years to between 4% and 4.5% from the previously stated 3.5%.
Kier said its order book was £11bn in the 10 months to the end of April – a rise of £200m on its 2024 year-end number – and had banked 80% of its revenue for 2026.
The firm will announce its full-year results for the 12 months to 30 June on 16 September.
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