Winchester House buyers planning major overhaul of London Wall site

Prequalification to overhaul the current offices of Deutsche Bank is due to begin next month with a shortlist of bidders set to be drawn up by the end of the year, Building understands.

Deutsche Bank has been at 75 London Wall, better known as Winchester House, since 1998 but is due to move into new premises at 21 Moorfields with the first staff expected to relocate into the delayed building in the first few months of next year.

Winchester House was sold by China Investment Corporation earlier this year for £257m to a joint venture of UK investment manager Castleforge and Malaysian construction and property company Gamuda Group.

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Deutsche Bank has been at 75 London Wall for 25 years

The pair have promised a “comprehensive upgrade and refurbishment” for the building which was designed in the early 1990s by Swanke Hayden Connell. This design, which replaced a 1960s building, has three trading floors able to accommodate 650 traders per floor.

The JV said it is looking at a retrofit-first approach for work on the 320,000 sq ft building which will also include roof terraces as well as improved public realm. The job is expected to have a construction price tag north of £200m.

Building understands Mace, Multiplex, Lendlease and Skanska are all eyeing the job, described as a cut and carve scheme, which has been given a completion date of 2027.

The project team includes project manager Opera, architect Orms and QS Gardiner & Theobald.

Deutsche Bank is expected to finally move out of Winchester House by January 2025 into its new Wilkinson Eyre-designed office above Moorgate tube station.

It has been built by Sir Robert McAlpine but 21 Moorfields was only handed over to Deutsche Bank for fit-out in August – 18 months late.

ISG is on site carrying out a £150m-plus fit-out contract with Deutsche Bank eyeing a phased occupation of its new home with the firm believed to be looking at taking two floors of the building in the coming months.

It is unclear how long the remainder of 21 Moorfields will take to fit out but it is likely to be well into next year with ISG understood to be struggling to access parts of the job as internal work is completed. The scheme suffered a further blow after M&E firm Michael J Lonsdale, which was working on the fit out, went into administration at the start of the month.

Castleforge is also behind plans for a refurbishment and extension of the grade II-listed 1 Golden Lane near the Barbican on the edge of the City. Now known as Uno, the £100m revamp has been designed by Hawkins Brown with project manager and cost consultant Gardiner & Theobald. Others working on this scheme include structures consultant London Structures Lab, M&E consultant Leading Services Design and sustainability and energy consultant Arup.