Work will start with demolition of the existing office block. This will then be replaced by two new buildings designed by Lynch Architects.
The first building, The Zig Zag Building, is a 12-storey commercial and retail block providing 190,000 sq ft. The second, Kings Gate, is a 14-storey residential building for up to 100 high-end apartments.
Completion of the project is expected in 2015 and construction is expected to support as many as 2,500 jobs.
Lend Lease has also recently won the University of Strathclyde's £89m Technology & Innovation Centre in Glasgow and the £70m Cramlington hospital in Northumbria.
Lend Lease Group chief executive and managing director Steve McCann said: “Lend Lease has a strong history of commercial construction delivery in London. We are delighted to be working with our longstanding client, Land Securities, and look forward to continuing our strong and collaborative relationship.”
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