Land Securities concludes Development Agreement for £99.5m refurbishment of 50 Queen Annes Gate, London (UK)

Land Securities has concluded the Development Agreement for the £99.5 million refurbishment of 50 Queen Anne's Gate, the former Home Office building, constructed in 1977. The new occupant of the 325,000 ft² building will be the Department for Constitutional Affairs (DCA), formerly the Lord Chancellor's Department.

Under the development contract, awarded to Skanska, the offices building will be completely refurbished internally and cleaned externally, ready for occupation by the DCA in November 2007.

Richard Linnell, Head of Investment Management at Land Securities, commented on the agreement: "Together with the Department for Constitutional Affairs, we will revitalise and bring into full modern condition an older building that is both part of Land Securities holdings and, through the current lease, part of the Government estate.

"We will undertake the refurbishment of 50 Queen Anne's Gate, on a full risk-sharing basis, where we are combining our financial strength and development expertise to generate earnings for the Group over the longer term."

Source: Land Securities

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