7th Oct 2015 07:43
LONDON (Alliance News) - Office services provider ISG PLC on Wednesday said it has secured a GBP29.0 million contract to handle the design and building work for a commercial office development in the City of London.
The contract has been awarded to the company by Baldwin House Ltd, a unit of London-listed McKay Securities PLC.
It will involve the demolition of the existing 30-32 Lombart Street building in the City and the construction of a new 12-storey steel frame structure which will provide 58,000 square feet of office accommodation.
McKay Securities, in a separate statement announcing the project, said the demolition of the building will start shortly and said the new building is expected to be completed in early 2018.
"The appointment of ISG is an important step towards the delivery of this prime redevelopment. This will be an attractive workspace in the heart of the City of London. The supply of new buildings for mid-sized occupiers looks set to remain constrained and we are confident that this scheme will be well received by the market," said McKay Managing Director Simon Perkins.
Shares in ISG were up 4.1% to 212.40 pence on Wednesday, while McKay shares were untraded, having last traded at 251.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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