Gamuda Berhad and London-based real estate investor, Castleforge have signed a main construction contract valued at over £250 million with global construction leader Multiplex for the redevelopment of 75 London Wall in the City of London.
The contract, signed on 6 January 2026, marks a major milestone in the £1.2 billion landmark project, with Multiplex set to commence main construction at the end of 2025 following extensive enabling and demolition works led by the Erith Group.
The redevelopment, which will preserve and strategically enhance the building’s core infrastructure while expanding capacity by over 50 per cent, is now expected to achieve practical completion in Q1 2028.
Over the past year, under a Pre-Construction Services Agreement (PCSA), Gamuda and Castleforge have led the project’s planning and design, drawing on their expertise in sustainable and innovative development, with Multiplex providing specialist technical input and construction solutions to support the delivery.
The formal contract signing follows the successful completion of enabling works, which have set a new benchmark for efficiency and innovation in the City. The Erith Group's groundbreaking work on heavy demolition, structural strengthening, new foundations, and core extensions has progressed well throughout 2025, supported by three tower cranes installed earlier this year.
Its successful delivery of Gamuda Berhad and Castleforge’s ambitious concept has demonstrated how adaptive reuse can deliver exceptional results in constrained environments.
The scheme's progress comes as London office construction starts have fallen to their lowest level since 2010, with just 2.5 million square feet beginning construction from January to October - less than half the previous year's figure and a quarter of pre-2016 levels.
The project's momentum is being matched by exceptionally strong interest from prospective tenants. The calibre of interest reflects the growing demand among blue-chip institutions for premium, sustainably certified workspaces that can attract and retain top talent in London.
Upon completion, 75 London Wall will deliver over 450,000 net square feet of cutting-edge office space, achieving top-tier sustainability certifications including BREEAM 'Outstanding', WELL Core 'Platinum', and NABERS UK 5 Star Design for Performance.
Designed by renowned London-based architects Orms, the scheme will provide premium amenities with enhanced daylight levels whilst maintaining a significant proportion of the existing building to minimise embodied carbon.
The ground floor will feature new commercial units alongside a cultural forum space for events, performances, and public speaking. The scheme will also include Priors Garden, a lush public green space designed by award-winning landscape architect Andy Sturgeon that connects seamlessly to Austin Friars.
Niall Farmer, Head of Gamuda Land United Kingdom, said: “This contract marks a significant milestone in Gamuda Land’s continued expansion in the United Kingdom and in our strategy to unlock long-term value from prime City of London assets. 75 London Wall represents a rare opportunity to reposition an existing building of scale into more than 450,000 square feet of future-ready, Grade A workspace, at a time when supply of top-tier, highly sustainable offices in the City remains structurally constrained.
Through hands-on oversight from planning approval through to contractor procurement and value engineering, Gamuda has shaped a redevelopment that is efficient, commercially resilient and sustainability-led. As global corporates increasingly seek high-quality, low-carbon office space in prime City of London locations — amid a well-documented shortage of top-tier supply — this project is well positioned to meet that demand and deliver enduring value for occupiers and the City. We look forward to working with Multiplex to bring this vision to life.”
Michael Kovacs, Founding Partner of Castleforge, said: "At a time when London is experiencing its lowest level of office construction starts in almost two decades, delivering 75 London Wall to practical completion in Q1 2028 will provide the market with much-needed, best-in-class workspace at precisely the moment when supply constraints are most acute. Office real estate is a cyclical sector – you have to be building when no one else is willing or able.
I’m proud of the Castleforge Development Team, whose expertise and dedication were met by Multiplex’s technical support and collaborative approach to agree this contract, giving us confidence that this will become one of the best schemes in the City on completion.
The quality, efficiency and flexibility of 75 London Wall has been exceptionally well received by a wide range of potential occupiers seeking this calibre of workspace in the City, and the 5,000 plus employees the building can accommodate will bring significant benefits to the London economy.”
Callum Tuckett, Managing Director of Multiplex Global, said: "Delivering a project of this scale and complexity in the heart of the City requires not just construction expertise, but the ability to innovate under constrained site conditions whilst maintaining the highest sustainability standards.
“75 London Wall represents the future of sustainable commercial development, and we look forward to bringing our global expertise in complex urban construction to create a building that sets a new standard for the City. Our work with the project team over the past year has positioned us perfectly to hit the ground running and deliver this scheme to the highest standards."
The strong institutional support demonstrates investor confidence in both the project and London's continued position as a global destination for commercial real estate investment.
The redevelopment marks a major milestone for both partners. For Gamuda, it represents its largest single investment in the UK to date, forming part of its £1.5 billion gross development commitment since 2022 across prime commercial offices, residential developments, and Purpose-Built Student Accommodation nationwide. For Castleforge, 75 London Wall is its largest investment in London to date and aligns with the recent launch of Castleforge Partners V, which has secured an initial £150 million commitment. The fund is focused on prime Central London office opportunities and will mobilise £1 billion in total asset value into the market over the coming years. Together, the joint venture underscores both partners’ long-term confidence in the fundamentals of London’s commercial real estate market.
