International law firm Simmons & Simmons has advised Ashby Capital, a leading private equity real estate investor and developer, on the construction aspects of the acquisition from Land Securities of its office development site at 55 Old Broad Street in the City of London.
A significant transaction for the City’s property development market, the deal involves Land Securities retaining a role as development manager, with Ashby placing a major construction contract with Skanska of approximately £280 million to deliver over 270,000 sq ft of best-in-class office space over 23 storeys, at a time of strong demand for high quality workplaces.
In a move to improve the site’s sustainability credentials, the development will be targeting BREAAM ‘Outstanding’ and NABERS five-star certifications. The building will be all-electric, powered by air-source heat pumps and run solely on renewable electricity.
The Simmons & Simmons team was led by Partner and non-contentious construction specialist Marianne Toghill, supported by Adam Waite.
Marianne Toghill commented: “This deal is an important marker for the resilience and evolution of the City office market. Ashby Capital’s commitment to delivering a highly sustainable, design-led workplace reflects occupiers’ demand for best-in-class space with strong environmental credentials. We’re very pleased to have supported this landmark project”.
