Job valued at over £250m due to finish by spring 2028
Multiplex has signed on the dotted line after more than 18 months of being in a PCSA for a scheme to redevelop 75 London Wall.
The building was the former home of Deutsche Bank which moved out in 2024 to new premises at 21 Moorfields ahead of Erith starting demolition and enabling works at the City of London site at the end of that year.
The value of the job has been officially put at £250m-plus but is thought to be worth closer to £300m.
Multiplex won the deal in spring 2024, having beaten Lendlease and Mace, with work set to finish by spring 2028.
The original building was designed in the early 1990s by Swanke Hayden Connell.
Also known as Winchester House, the job is being run by development manager Castleforge, whose joint venture with Malaysian construction and property company Gamuda Group bought the building from China Investment Corporation in 2023 for £257m.
Work involves a retrofit-first approach on the 450,000 sq ft building which will also include roof terraces as well as improved public realm. Once finished, it will be able to hold 5,000 staff.
Niall Farmer, head of Gamuda Land United Kingdom, said: “75 London Wall represents a rare opportunity to reposition an existing building of scale into more than 450,000 sq ft of future-ready, Grade A workspace, at a time when supply of top-tier, highly sustainable offices in the City remains structurally constrained.”
The project team includes project manager Opera, architect Orms and QS Gardiner & Theobald.
Work on another nearby scheme, the redevelopment of 99 Bishopsgate, designed by RSHP, is set to begin later this year with tenants, including Multiplex, set to move out of the building ahead of demolition.
The existing 28-storey tower, originally built in the 1970s and later refurbished after the IRA Bishopsgate bomb in 1993, is due to be turned into a 54-storey block for developer Brookfield – which owns Multiplex. No formal appointment of a contractor has been made but this is expected to be Multiplex with Brookfield targeting a finish in 2031.
The 75 London Wall scheme is also over the road from 55 Old Broad Street with Keltbray beginning demolition and enabling work this month after developer Landsec agreed a funding deal with partner Ashby Capital for work to begin.
The plans involve replacing a 1970s-built block, which had included a pub and bank at street level, with a 24-storey tower designed by Fletcher Priest. Skanska is set to carry out main construction work.
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