Contractor won 50 Baker Street project in July

London developer Derwent said it expects Multiplex to start work on its flagship office scheme at 50 Baker Street in the second half of next year.

Multiplex won the £150m job over the summer and is carrying out work under a PCSA which the developer said would see the firm start work next summer.

Designed by AHMM, the job comprises three buildings – 38-52, 54-60 and 66-70 Baker Street – which Derwent bought four years ago totalling 122,300sq ft.

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The scheme at 50 Baker Street has been designed by AHMM

Over the summer, Laing O’Rourke reached practical completion on the neighbouring 25 Baker Street job while Kier is expected to get to practical completion on the Network Building on Tottenham Court Road by the end of the year.

Derwent said Kier will start work on a £100 scheme to redevelop a grade II-listed building on London’s Oxford Street next year.

Erith has been on site since August carrying out demolition and enabling works at Holden House which is being revamped into a 133,000sq ft office and retail scheme designed by architect DSDHA.

Meanwhile, Derwent said tenders have been returned for the refurbishment of Greencoat & Gordon House with a winner due by the end of the year.

The office scheme, which is worth between £50m and £100m, is being priced by Overbury, Faithdean and Collins Construction. The revamp, which has been designed by Squire & Partners, is also scheduled to start in the first half of next year.

In an update this morning, the Derwent said disposals this year of over £200m “have strengthened our financial capacity for reinvestment into accretive development projects”. It added: “Our leasing and asset management performance, alongside wider market trends, supports our ongoing confidence in the strength of the London office occupational market.”

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