£1.2 billion commercial redevelopment breaks ground

A “best-in-class” commercial redevelopment in the City of London has reached a key milestone as work begins on the £1.2 billion transformation of 75 London Wall.

Led by Malaysian property group Gamuda Berhad and UK real estate investor Castleforge, the project is backed by a £500 million loan from Cheyne Capital, one of London’s largest property development financings in recent years.

The groundbreaking ceremony, attended by over 80 people, was led by Dato' Lin Yun Ling, Gamuda Group managing director, along with Michael Kovacs, Castleforge founding partner. They were joined by Gus Wiseman, Global Head of Investor Relations for the UK Government, and Howard Dawber, Deputy London mayor.

Dato’ Lin Yun Ling of Gamuda Group, which has invested £1.4 billion in UK real estate since 2022, said: “Our acquisition of this building in 2023 stemmed from the “Flight to Quality” to top grade office spaces in the real estate market. 

“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 spaces, rental growth remains strong, making 75 London Wall a standout investment.”

Set for completion in 2027, the 450,000sq ft sustainable office development aims to “set a new benchmark” by achieving top ESG credentials, including BREEAM ‘Outstanding’, WELL Core ‘Platinum’ and NABERS UK 5 Star Design.

The scheme will also introduce green spaces, commercial units and a cultural forum space for events, performances and public speaking.

Michael Kovacs added: “We were delighted to welcome Dato’ Lin, Gus Wiseman and Howard Dawber to the site today to witness the progress being made on a project that we believe will set a new benchmark for sustainable, expertly designed office developments in London. 

“In an increasingly competitive landscape, we know that 75 London Wall will stand out as a true best-in-class office development for those who want to attract the best talent in and around our city.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →