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Exclusive: Contractor picked for £300m Mitsubishi Tower

Exclusive: Lendlease has been chosen as the contractor to build Mitsubishi Estate’s new £300m tower in central London, Construction News can reveal.

CN understands the contractor landed the job ahead of rivals Mace and Sir Robert McAlpine for the 50-storey tower at 6-8 Bishopsgate in the City of London.

The new tower is being developed by Mitsubishi Estate London in partnership with Stanhope, the scheme’s development manager. 

The 6-8 Bishopsgate scheme, which is expected to start next year, is the latest contract awarded to Lendlease by Mitsubishi Estate.

The company signed the £103m contract in September 2016 to build a 12-storey office development in Hammersmith for Mitsubishi and LGIM Real Assets.

The company also delivered Mitsubishi’s £65m 8 Finsbury Circus development, which was also project managed by Stanhope.

Lendlease is also currently delivering Stanhope’s 43-storey One Bishopsgate Plaza in the City, which is set to open next year.

Last month, CN revealed that Mace, Sir Robert McAlpine and Lendlease were left in the race for the highly sought after Mitsubishi Tower deal.

The 71,510 sq m tower has been designed by Wilkinson Eyre and will include a public viewing gallery on the top floor and restaurants and commercial space at ground level.

Mitsubishi Estate is Japan’s largest developer and is behind many of Japan’s largest buildings including Tokyo’s Marunouchi skyscraper.

The developer initially secured planning permission for a 40-storey development at the 6-8 Bishopsgate site. However, this was increased by 10 storeys in October 2017.

What’s under construction in the Square Mile?

22 Bishopsgate Multiplex
52 Lime Street Skanska
100 Bishopsgate Multiplex
70 St Mary Axe Mace
150 Bishopsgate Lendlease
120 Fenchurch Street Sir Robert McAlpine
80 Fenchurch Street Skanska

Last month, Lendlease’s UK construction arm saw gross profit hit £48.4m for the year to 30 June 2018, up from £44.8m in the previous 12 months.

The business reported EBITDA (earnings before interest, taxes, depreciation and amortisation) of £12.8m on revenue of £389m, giving it an EBITDA margin of 3.3 per cent.

Lendlease, which won the master developer contract for HS2’s Euston Station in February, also revealed in its accounts that the development around the Euston area could be worth nearly £6bn.

Stanhope and Lendlease declined to comment.

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