en.Wedoany.com Reported - UK contractor Kier has been appointed, under a pre-construction services agreement, to deliver the Holden House project for Derwent London in central London.

The contractor was mentioned in Derwent London's first-quarter update, which stated that demolition work is underway at the retained façade scheme adjacent to the Dean Street entrance of the Elizabeth line station at Tottenham Court Road. The client indicated that practical completion of the construction project is expected in the second half of 2028. Upon completion, Holden House will provide approximately 12,400 square metres of space. Data intelligence provider Glenigan estimates the main construction contract value at £100 million.

Derwent also stated it has committed to the redevelopment of a 21,900 square metre project at 50 Baker Street in the W1 district. Demolition work at 50 Baker Street is expected to commence in the coming months, with completion anticipated in the second half of 2029. The developer said the scheme targets an unlevered internal rate of return exceeding 12%, with Glenigan valuing the scheme at £150 million.

Derwent London CEO Paul Williams said the company has committed to the construction projects following progress on its property disposal process. Williams stated: "Good progress has been made on disposals, with contracts exchanged on £278 million of properties, in line with our three-year target of £1 billion."

Kier has previously undertaken multiple construction project collaborations with Derwent in London. This Holden House project, located next to the Elizabeth line station on Dean Street, Tottenham Court Road, involves a retained façade redevelopment approach.

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