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Skanska wins £141m luxury Knightsbridge deal

Skanska has landed a £141m deal to build a high-end mixed-use scheme in central London.

The contractor has signed a deal with Saudi-based investor Olayan Group to build the K1 commercial and residential development in Knightsbridge.

Chelsfield is working as developer on behalf of the Olayan Group for the building, which is situated between Knightsbridge’s Harrods and Harvey Nicholls stores.

The 31,600 sq m development will include 35 residential units, a rooftop restaurant and several high-end retail spaces.

The project will require Skanska to retain the building’s historic façade, as well as create step-free access to Knightsbridge underground station via a new entrance.

Work has already begun on the site and is expected to complete by the end of 2020.

The deal is the latest major London construction project to appoint Skanska as its main contractor.

In July 2017 the contractor was signed up to build the £142m St Giles Circus development in central London.

Skanska is also working on Crown Estate’s £100m redevelopment of Duke’s Court near St James’ Park.

CN revealed in March that the company was bidding to be the main contractor on a £350m redevelop the site of New Scotland Yard’s former central London headquarters. CN understands the firm is up against Multiplex for the job.

In March, Skanska revealed it would be undergoing a restructure that would include a number of redundancies.

Under the changes, the company separated its UK building and building services division into two divisions to sit alongside its infrastructure arm.

The move came as part of a global restructure that is expected to see 3,000 jobs cut across the group.

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