St James Market Phase 2 main works will be delivered under a Pre-Construction Services Agreement (PCSA) and then under an amended JCT Design and Build 2024 contract: • a new c.312,500 sq. ft (NIA) CAT A office building (Basement Level 2 to Level 7), built around the retained Grade II listed Carlton Cinema • the shell and core refurbishment of the Cinema • retail shell and core accommodation • landscaping and public realm works • new UKPN substations • a watching brief over, and the novation of, the separate Demolition Contract. Total value of the works is £322m excluding VAT (£386.4m including VAT), made up of: • St James Market Phase 2 main works, including the PCSA c.£222m excluding VAT (£266.4m including VAT) • 130 Jermyn Street option: c.£100m excluding VAT (£120m including VAT)