The 267,000 sq ft scheme encompasses two new office buildings at 60 Brook Street and 56 Davies Street, restoration of the Running Horse Pub, together with ground floor retail, restaurants, cafés and a basement gym.

The new office building will feature large modern floorplates, roof terraces, and leading environmental credentials.

Skanska has been working with the Grosvenor and Mitsui Fudosan UK JV since October 2022 to evolve the design and construction methodology for South Molton, including identifying sustainability and carbon reduction strategies.

This process has reduced steel usage by 200 tonnes, with the re-use of existing steel elements, pre-fabrication of façades and in-situ construction of the concrete base slab all contributing to a reduction in carbon emissions.

Designed to complement the distinctive character of Mayfair, 56 Davies Street and 60 Brook Street will feature a mix of new and existing façades.

At 56 Davies Street alone, 4,750 blocks of Portland stone totalling 550 tonnes have been carefully disassembled and are set to be reconditioned and reused, providing part of the new Grade A office with an attractive and historic stone exterior.

The Running Horse, which will undergo an extensive refurbishment and extension, is set to benefit from additional dining space and six new bedrooms.

Demolition contractor McGee has already completed a £40m enabling works package on the project.

Rachel Dickie, Executive Director of Investment and Development, Grosvenor said: “We have made superb progress at South Molton since works started last year. Appointing Skanska as the main contractor is an exciting milestone for the project, continuing the momentum and providing certainty of delivery.”

“The opportunity to deliver this scale of new, world-class offices in Mayfair is exceptionally rare. Benefiting from the new amenities and public spaces we’re creating at South Molton, they are set to be some of the capital’s most prestigious addresses.”