Czech developer HB Reavis has begun demolition works at 33 King William Street, its first development in the UK following the opening of an office in London in October last year.
Czech developer HB Reavis has begun demolition works at 33 King William Street, its first development in the UK following the opening of an office in London in October last year.
Speculative construction of the new 230,000 sq ft (21,400 m2) Grade A office building will begin in the first half of next year and HB Reavis will fund the cost using its own equity.
Completion is expected in the second half of 2016.
Since acquiring the asset, HB Reavis has appointed Core as development adviser, and Deloitte Real Estate and Knight Frank leasing teams have been jointly instructed to market the building.
HB Reavis is active in four countries in the CEE region: Slovakia, the Czech Republic, Poland and Hungary. It announced in autumn 2013 that it was entering the UK as well as Turkey as part of plans to grow internationally.
The group is now 'actively looking to acquire further assets in London', it said in a statement. The company recently announced the appointment of Richard Saul as leasing director in its London-based team.
