Malaysia-based Gamuda and its UK-based joint venture partner, Castleforge, a real estate investment company, have commenced a £1.2bn ($1.46bn) redevelopment of the 75 London Wall project in England.
Formerly known as Winchester House and the UK headquarters of Deutsche Bank, the building was acquired in February 2023 by Gamuda and Castleforge through a 75:25 joint venture, reported the Edge Malaysia.
Full planning consent for the redevelopment of the site was granted in June 2024, allowing for a 40% increase in the building's capacity.
Approximately 89% of the original structure will be preserved, including the lower-level facades.
Set for completion in September 2027, the 14-storey building will feature a gross development area of 688,000ft² and 465,822ft² of net lettable office space.
75 London Wall is targeting three sustainability ratings: Building Research Establishment Environmental Assessment Methodology Outstanding, WELL Core Platinum, and NABERS UK 5 Star Design.
The ground-breaking ceremony was led by Gamuda group managing director Datuk Lin Yun Ling and Castleforge founding partner Michael Kovacs.
The event was also attended by Gus Wiseman, head of investor relations for the UK government, and deputy mayor of London Howard Dawber.
Lin Yun Ling was quoted by the publication as saying: “Multinational corporations are drawn to London, the epicentre of Britain’s economy and home to a huge proportion of its primary export global services. This has driven a surge in demand for premium offices, linking quality workplaces to higher productivity.
“With a limited supply of best-in-class ESG (environmental, social, governance) spaces, rental growth remains strong, making 75 London Wall a standout investment.”
The event also saw the signing of a £500m property development loan from Cheyne Capital for the redevelopment project.
Cheyne Capital managing partner and CIO Ravi Stickney said: “Following our £150m loan for the acquisition of 75 London Wall in 2023, we are delighted to extend our support to Gamuda and Castleforge with a £500m loan for its redevelopment.
“At Cheyne, we remain committed to financing the creation of productive and sustainable assets to support the growth of the UK’s vibrant economy. We are therefore thrilled with the significant vote of confidence that Gamuda has shown in London.”
