• Capabilities: Cost Management, Program Management
  • Sectors: Commercial Developers

Nova, Victoria

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 savings

920,000 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.

Of the five buildings, Nova South and Nova North are two architecturally distinct office buildings being delivered as part of the first phase of development. They offer high quality business space across a total of 24 floors. Amongst other high profile tenants, Nova is home to the National Centre for Cyber Security, which was opened by the Queen in February 2017 and is part of intelligence agency GCHQ. 

With floorplates in Nova North and Nova South ranging from 10,000 sq ft to 30,000 sq ft, Arcadis used spatial benchmarking to drive efficient floorplate design and was thereby able to increase the net lettable area.

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.

Outcomes

£75 million

total cost savings

920,000 sq ft

mixed-use development

24 floors

of new office space

Questions about this project

Mark Cleverly

Head of Commercial Development +44 (0)20 7812 2456 Ask me a question
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