Tearing down existing building expected to take 18 months to complete

Keltbray has begun work on what will be the eventual demolition of the building that will make way for the 1 Undershaft tower in the City of London.

The firm is carrying out asbestos removal at the site at St Helen’s Square with the entire demolition, also set to be carried out by Keltbray, taking around 18 months. The value of its deal is believed to be around £30m.

The 1 Undershaft scheme was given planning just before Christmas and once built the Eric Parry-designed tower will be the tallest in the City at 74 storeys.

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Source: Shutterstock

1 Undershaft will replace the existing building, the Aviva Tower (middle) designed in 1969 by GMW and built by Taylor Woodrow

The building will replace the existing tower at the site, a 23-storey block designed in 1969 by GMW Partnership and built by Taylor Woodrow.

Main construction work is not expected to start for at least two more years with the job likely to be let as a construction management deal given its price tag of around £1bn.

Likely bidders are set to include Mace and Multiplex as well as Lendlease, set to be renamed Bovis when US private equity firm Atlas Holdings completes its takeover, and Sir Robert McAlpine.

The scheme is being bankrolled by Singaporean funder Aroland and run by Stanhope. It will include 154,000 sq m of office space, a 2,500 sq m public garden cantilevered out of the 11th storey and a viewing gallery for the Museum of London on the top two storeys.

Meanwhile, Keltbray, along with Careys, Expanded and McGee, will find out next month who has won the £100m enabling works and basement contract at the 18 Blackfriars scheme in Southwark.

Bids are now being returned for the work, which is being masterminded by US developer Hines and run by Lipton Rogers. Enabling works are due to start this summer.

The 18 Blackfriars job involves building a 47-storey office tower, designed by Foster & Partners, at the site as well as two residential towers. Bids for both parts are being worked on by five firms – with Multiplex pricing both the office and residential elements.

Hines is hoping main construction work will start in spring 2027.

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