project: 100 Victoria Embankment (10442)
client: 3RE Capital Ventures report: summarised progress report – February 2025
1.0 executive summary
The purpose of this report is to provide a periodic update of activities undertaken by the developer’s project team on 100 Victoria Embankment, London.
In the period numerous project, tenant and contractor meetings have taken place. The month of January was primarily focussed on concluding RIBA Stage 1 design reports. During January the City of London confirmed that the pre-app planning submission had been validated (in December) and a date was set for the first pre-app meeting.
With a slight delay to conducting some site surveys and with the first pre-app meeting falling into the second week of February some programme dates have shifted.
The core design team spent the early part of February engaging with LSEG and presented the initial design reports (Architectural and Services) to the tenant team. Since the first week of February no further meetings have been held with the LSEG team.
The team have re-confirmed their fees to the end of the project and the legal team has been working on drafting long form appointments which we hope will be executed during the next stage of the project.
2.0 programme
submitted in December as planned.
06 stage 1b (pre-app response) January 2025 March 2025 Approx. 1 month later than planned.
07 RIBA stage 2, planning submission
08
and
3.0 planning update
Following submission of the pre-app document in December 2024 a pre-app meeting was held on the 11th of February 2025. The meeting was positive with engagement from planning officers. Some queries were raised including a desire to have a site visit. The fee for the site visit has been paid and the team is awaiting a proposed date from the planning officers for when this will be conducted. DP9 have set out a planning programme and anticipated documents for the team to develop during RIBA Stage 2 to support the full planning submission.
4.0 legals
& appointments
Letters of instruction for Stage 0/1 works have been issued to all consultants. Stage 2 letters have been drafted pending some final fee negotiations.
FHPM have been assisting Addleshaw Goddard in elevating the previously agreed short form appointments into fully fledged long form variants for the project in its entirety. All consultants are engaging, and good progress is being made.
5.0 design & construction related matters.
During January the design team coordinated and completed their RIBA Stage 1 reports. The initial design reports were presented to LSEG in the first week of February. During February site surveys, conducted earlier in the month, were reported on and have been included within the collated Stage 1 report which will be issued to 3RE shortly.
In the period FHPM were granted access to the site electronic O&M system. This information was downloaded, collated and uploaded to Centrodoc so that it could be accessed by the entire landlord team.
While the overarching Stage 1 report has been developed the design team have continued to meet to review the risk register, design responsibility matrix, project programme as well as confirmation of the building areas. The MEP team has also conducted additional site visits to verify information from the as built and O&M manuals.
6.0 ESG & sustainability
At the end of the period Hoare Lea have kicked off a series of sustainability workshops which will continue throughout the RIBA Stage 2 programme.
The Hoare Lea Stage 1 reports included a BREEAM pre-assessment and an early action credit tracker – both will be developed early in the next design development period.
7.0 procurement & contract update
The final few surveys required to inform the Stage 1 report were conducted in early February. This included an acoustic survey where sound equipment was left on site for a two-week period to record external ambient noise levels. A report has been issued, and the general background noise levels are lower than expected. Further works are required to understand the potential planning implications of these results [possible relocation of external plant].
A survey of the existing building access and maintenance equipment was conducted and a meeting held with the incumbent maintenance team. Finally in mid-February a lift survey was conducted, the report is expected w/c 3rd of March, and early indications are that the lifts are in good order. Some components (including ropes/cables) were being replaced to the main bank of lifts, as part of the general maintenance programme, over the first weekend in March.
FHPM have continued to engage with contractors during the period. Meetings and site visits have been held with McClaren and Mace. Both have demonstrated eagerness for early involvement and will continue to provide some early pro-bono advice to assist with programme and budget estimates.
8.0 financial update
To aid the financial update Core5 have held several specific meetings with the design team and reviewed each of their reports. Meetings were held to review potential façade costs with FMDC and access proposals by REEF. Towards the end of the period Core5 issued an updated cost plan dated 26th February 2025 [this has been issued separately by Core5].
The below table provides the key headings from the project cost schedule.
1
2 construction
3 fees
4
5
6
9.0 key risks
A project risk register has been developed in the period and is included as an appendix to the Stage 1 reports.
The most pressing risks currently include.
1. Scope creep (including internal finishes, façade replacement).
2. Provision of warranties for MEP equipment that is retained.
3. Invasive surveys required during Stage 2 (making good and general access with tenants in situ).
4. Construction costs align with client and tenant expectations.
5. Risks of existing structures (Regent St and Fire Rating of 1930s building elements).
10.0 key activities in the reporting period
i) Stage 1 Report finalised.
ii) Remaining Stage 1 surveys conducted.
iii) Early engagement with contractors.
iv) Kick off sustainability workshop schedule.
v) Conclude Stage 2 fee negotiations.
vi) Update core project documentation.
11.0 look ahead – key activities in the next reporting period.
i) Engage design team and instruct to complete RIBA Stage 2 concept design.
ii) Conduct site visit with City of London planning officers.
iii) Agree and appoint core design team on long form appointments.
iv) Continue to support the landlord with LSEG negotiations, to enable HoTs to be signed.
v) Commence intrusive site surveys.