The development will see the existing buildings at 11-15 Monument Street, 46 Fish Street Hill and 1-2 Pudding Hill replaced with 8,000m2 of office space over nine floors, with floor plates of approximately 1,000m2, plus 460m2 of ground-floor retail space.
Total development cost is put at £57m and the construction contract is valued at £33m. Skanska UK will itself build it. Completion is scheduled for the fourth quarter of 2015.
Skanska bought the site in 2012. The scheme, designed by architect Ken Shuttleworth’s Make, was granted planning consent in April 2013.
The Monument Building is designed to achieve a BREEAM ‘Excellent’ rating. Features include LED lighting, showers, cycle parking and a roof terrace with photovoltaic panels. Skanska is now marketing the development to occupiers looking for office space of 10,000sqft (929m2) or more.
Skanska’s Neal Pickering said: “This is the second office development project that Skanska has invested in during the last three months. We are particularly excited to be bringing Skanska’s experience to the development of energy-efficient buildings in the City of London. We believe The Monument Building will set new occupational standards in terms of design and sustainability within the Square Mile.
“The level of interest from potential occupiers of our developments, even at this early stage, is very encouraging and further supports our belief that the UK office market is gaining momentum across the board.”
Skanska announced in September that it was closing down its UK housing development business to focus on other markets, including specualtive commercial developments like this.