Landsec has conditionally exchanged contracts to forward purchase an office space in Kennington.
The real estate company has exchanged contracts on Oval Works, which will be a 76,800 sq ft space in Berkeley’s Oval Village.
Office workers will be able to use the space – estimated by some property agents to be worth up to £100m after construction and leasing – in 2025.
Oval Village offers a lower price point than more conventional locations and includes a 1,300 home community development in Lambeth.
The space will cater to more than 750 employees across seven floors, including a wellness focused café and co-working space.
The building will include a wraparound roof with views of the Oval cricket ground.
Marcus Geddes, managing director of London, Landsec said: “This is an exciting milestone in the delivery of our strategy, as we seek to optimise our London office portfolio by reinvesting capital into locations and products that can deliver strong returns.”
“We want to create sustainable places that boost economic activity and foster wellbeing, knitting our office developments into the fabric of the city. Oval Works is an ideal opportunity to deliver on this ambition, creating a working hub in an emerging office location within central London,” Geddes added.