Multiplex carrying out former Minerva House scheme which was given original budget of £86m
Great Portland Estates has said that the cost of scheme to refurbish the firmer Minerva House building on London’s Southbank has gone up by £14m.
Multiplex is carrying out the Southwark job, now called The Delft, which is due to finish by the middle of next year.
The job has been designed by John Robertson Architects and Ben Adams architects – which collapsed into liquidation last month.
It involves revamping a 1980s-built building into 143,000sq ft of premium office space and was given an original value of £86m. Earlier this year, GPR pre-let 52,000sq ft to AI firm Quantexa.
On its website, Multiplex says: “The location of The Delft makes for a complex site. Constraints include 12 residential units within the Minerva House footprint, River Thames abutting the North elevation, single route traffic through Borough Market, the adjacent Grade II Southwark Cathedral, the Golden Hinde, as well as numerous pubs and restaurants within a busy tourist location.”
Publishing its 2025 results this morning, GPE said: “During the year, due to complexities discovered on site and insolvencies in the supply chain, the forecast cost of the scheme increased by £14 million.”
GPE said Mace is due to complete a £75m deal to build new offices at the former French Railways House while Faithdean has begun work on its Whittington House scheme, which involves refurbishing a 1970s office in the West End, with this job due to finish by the middle of next year.
GPE said that three upcoming office scheme, including the £150m St Thomas Yard job due to be built by Bovis, will cost £484m to complete. It added “[they] are expected to deliver 601,300sq ft of best-in-class, highly sustainable space, perfectly placed to benefit from a market where forward-look supply is severely constrained”.
No comments yet