Building Work for New UBS’s London HQ to Go Ahead

Swiss investment bank UBS has been granted permission for its new 700, 000 square foot building in the City of London.

The new £340 million headquarters of UBS in London’s financial district is expected to be completed by 2014, meaning it could create more jobs for people in the building construction sector.

The Swiss bank has signed a pre-letting agreement with developers British Land and Blackstone for the construction work to start in April this year. Demolition and site preparation work near Liverpool Street station is currently underway, leading publication, Construction Enquirer, reported today.

UBS is the largest tenant in the 30-acre Broadgate development in London’s City financial district which will include four trading floors that can be adapted into normal office space.

The new building will pay attention to sustainability using photovoltaics and solar thermal panels to generate green energy while rainwater harvesting will reduce water consumption.

British Land said: “Demolition of the existing 4 & 6 Broadgate buildings is well underway and will be completed in April; with delivery of the new bespoke building on schedule for the first quarter in 2014.

“The joint venture has already placed or tendered around 60% of the project’s construction costs within budget and programme.”

Tim Roberts, Head of Offices for British Land, told Construction Enquirer: “This is another significant milestone in the development of the new UBS building at 5 Broadgate and a real boost for the City.

“The Broadgate estate continues to evolve to serve the needs of a range of city occupiers and the 30,000 people based there.” – Mr Roberts added.

The two developers, British Land and Blackstone, said UBS will occupy the new building for period of around 18 years.

Do you welcome the move of the Swiss bank giant UBS to build its headquarters in London? What does the £340 million investment mean for the building construction sector? Share your thoughts with us by leaving a comment below:

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Posted on January 30, 2012, in construction jobs, construction news, Green Deal, Infrastructure, Renewable Energy, t4ts, train4tradeskills and tagged , , , , , , , , , , , , , , , , , , . Bookmark the permalink. Leave a comment.

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