Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to the newest version of your browser.

Your browser appears to have cookies disabled. For the best experience of Construction News, please enable cookies in your browser.

Welcome to the Construction News site. As we have relaunched, you will have to sign in once now and agree for us to use cookies, so you won't need to log in each time you visit our site.
Learn more

Goldman Sachs issues PQQ for London headquarters amid ongoing uncertainty over plans

US investment bank Goldman Sachs has gone out to the market for the construction of its proposed European headquarters quarters in London, despite opposition to the scheme, Construction News can reveal.

The client issued a prequalification questionnaire for the development, which is estimated to have a construction value of around £350m.

Goldman Sachs received planning approval for the scheme in March 2014.

Plans include the building of a 800,000 sq ft office complex near Holborn Viaduct in central London, and the redevelopment of the neighbouring 13-storey Fleet Building and Plumtree Court on Shoe Lane.

The project team includes architecht Kohn Pederson Fox Associates, cost consultants EC Harris and structural engineer WSP.

The deadline for PQQs passed on Friday 23 January, Construction News understands.

Goldman Sachs is looking to appoint a contractor by mid-October this year, with construction to begin on site in January 2016.

Demolition has nearly completed on site.

A source told Construction News that, despite this, Goldman Sachs has yet to make a final decision on whether it will build the HQ.

The project has caused controversy since the high-profile client unveiled its plans to develop a new City base as far back as 2001.

Most notably the investment banker was embroiled in a rights of light dispute over the proposed new HQ.

A total of 14 buildings were said to be affected by the proposed development.

Goldman Sachs reached an agreement for damages to be paid to 11 of 14 neighbouring properties, in October 2014.

But neighbours Aberdeen Asset Management and Royal London Asset Management rejected the £1.2m offered, as they claim they should receive a share of the developer’s profits.

In November last year, Goldman Sachs settled the dispute with the fund managers, averting a potential intervention by the City of London Corporation.

Goldman Sachs declined to comment.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.