£75 million
total cost savings- Global
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London, United Kingdom - Nova is one of the most exciting mixed-use schemes to be delivered in the capital for decades. Comprising just under one million sq ft of Grade A office space, luxury apartments, shops and restaurants, Nova is a new development in the heart of London that will transform a previously neglected area into a vibrant new destination.
£75 million
total cost savings920,000 sq ft
mixed-use development
Nova forms an integral part of major regeneration plans worth £2.2 billion for the area around Victoria station. Made up of five landmark buildings, the development is owned and developed by Land Securities, in a 50:50 joint venture with Canada Pension Plan Investment Board.
The first phase of development also includes one of the largest shared basements in the UK. At over 300,000 sq ft, the basement has space for car parking and loading bays for servicing the buildings. It is also home to an energy centre that will deliver low-carbon heating and cooling throughout the development. This helps to maximise energy efficiency and will help occupiers cut their carbon footprint by up to 15 percent.
Arcadis was extensively involved in pre-contract cost planning, strategic procurement and cost management for the entire Nova scheme.
By guaranteeing certainty of costs, reducing financial risk around contracts and taking advantage of market conditions, Arcadis was not only able to provide the client with more control and certainty over the program, but has also resulted in a significant cost saving of £60 million, achieved through value engineering and negotiations in the procurement phase.
Further value engineering and negotiation in relation to post contract change resulted in another £15 million of cost reductions being delivered.
£75 million
total cost savings920,000 sq ft
mixed-use development24 floors
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