Skanska signs for £141m Knightsbridge scheme
May 18, 2018 – Skanska has signed a £141m contract to build a mixed-use development in Knightsbridge for a Saudi Arabian investor.
Saudi developer Olayan Group, with Chelsfield acting as its asset manager, has selected Skanska to build its K1 Knightsbridge development, a mixed-use scheme in London that combines commercial, residential and retail development – just between Harrods and Harvey Nicks.
The 31,600 m2 project in the Royal Borough of Kensington & Chelsea will create 8,000 m2 of high-end retail space, 6,000m2 of office space, 35 apartments and a rooftop restaurant.
Olayan bought the estate in 2010 for £600m. The K1 site fronts Brompton Road and Sloane Street. Retaining the site’s historic facades is intrinsic to the scheme, modernising the building while maintaining the neighbourhood’s architectural character. Another major aspect of the scheme will create step-free access to Knightsbridge underground station via a new entrance.
Construction began in April 2018, with completion due at the end of 2020.