Start date for £1.4bn London Gotham City offices

Aaron Morby 2 years ago
Share

The long-delayed 40 Leadenhall Street office scheme in the City of London has finally got a start date.

900,000 sq ft city office project set to start
900,000 sq ft city office project set to start

In a significant vote of confidence in the City, M&G Prudential has salvaged the stalled scheme with plans to invest £875m to buy and build on the site.

Contractor Mace has been in the frame to build the 900,000 sq ft project nicknamed Gotham City for more than 12 months.

Construction will now start early in 2020 once Keltbray completes clearing the key Leadenhall Triangle site to allow building of two stepped towers of 14 and 34 storeys.

The site was sold by Alberta Investment Management Corporation and Nuveen Real Estate, which will continue as development manager.

The new buildings’ carbon emissions will be 30% below current regulations and are expected to achieve a BREEAM Excellent rating.

Groundfloor business lounge

Tony Brown, global head of M&G Real Estate, said: “London’s commercial property market currently offers good value relative to other capital cities such as Paris and Tokyo, partly due to Brexit-related uncertainty.”

“As there are a limited number of developments underway in London, we expect high-quality office space like this with an emphasis on green credentials and employee well-being to be in demand from occupiers when the scheme is completed in four years.”

Latest news

Cleveland Bridge administrators to resume production

Staff will be contacted this week to finish contracts as buyer sought
6 mins ago

Campaigners win court fight to block £1.7bn Stonehenge tunnel

High Court judge quashes development consent granted by Transport Secretary Grant Shapps
2 days ago

£350m Manchester twin skyscraper plan approved

Twin 56-storey residential towers to join Great Jackson Street cluster
3 days ago

Ballymore strikes deal for 2,800-home West London site

Partnership deal with Sainsbury's for 18-acre canalside site at Ladbroke Grove
2 days ago

Utilities firm Fulcrum plunges to £11.5m loss

Firm hit by second wave lockdowns delaying contract awards and mobilisations
2 days ago

Green light for £100m UK Holocaust Memorial building

Work to start later this year on large memorial building next to Parliament
2 days ago

Government pledges another £81m for cycle lanes

Highway Code to be revamped to prioritise cyclists
2 days ago

Long Scottish Covid lockdown cost Robertson £11.5m

Private building group plunged into £6.1m trading loss by 3 month lockdown
3 days ago

Funding deal green lights £40m modular student scheme

Financier Maslow Capital backs Audley Modular Student Living’s latest scheme in Edinburgh
2 days ago

North East contractor stops work on sites

Kapex Construction staff confirm they are no longer working for the company
3 days ago

Construction Manager of the Year finalists revealed

Full list of 77 of the industry's brightest talents
3 days ago

Record £860m pumped into 1,000 flood schemes this year

New six-year flood and coastal erosion investment plan commits to record £5.2bn spend
3 days ago

Forterra to spend £27m on high-end brick factory

Brick and block producer closes Bison precast site in face of margin pressure on 'grey concrete' products
3 days ago

Scottish retention reform plan put to Government

Government working group recommends ringfenced accounts and automatic retention release
3 days ago

Scaffolder hits overhead power line with pole

Contractor fined £333,333 after accident at commercial glasshouse site
3 days ago

Contractor hunt starts for Thames flood scheme

Contracts worth £275m up for grabs
4 days ago

CBRE pays £960m for 60% stake in Turner & Townsend

Deal values consultant at £1.6bn
5 days ago

Tetra Tech buys M&E consultant Hoare Lea

More than 900 staff to switch over to fast-growing US consulting group
4 days ago

Tideway breakthrough links all three tunnel sections

Key 75m connector tunnel breakthrough joins all tunnels for first time
4 days ago

Demolition and groundworks £1.6bn framework launched

Pagabo to hold webinar next month for interested companies: Register now
5 days ago

Go-ahead for £18m revamp of Army & Navy warehouse

Architect SPPARC redesigns historic Westminster site
4 days ago

Student rooms developer to strip HPL cladding from 22 buildings

Unite says cladding retrofit to cost £96m over next three years
5 days ago

House builders start to flesh out net-zero plan

Industry commits to first zero-carbon ready homes by 2025
5 days ago

John Sisk doubles cash pile to £62m despite profit fall

Profit almost halves to £2.8m as margin squeezed to 0.7% last year
5 days ago

Plans go in for £48m Derby arena

Construction set to start early next year
6 days ago

Costain to lead “electric road” trial for HGV charging

Electric lorries could be charged on the move by overhead power lines
5 days ago

Willmott Dixon gets go-ahead for Oldham secondary school

Work to start on £22m town centre school immediately
5 days ago

Mobile crane hirer Cadman joins vegetable oil revolution

Whole fleet to be converted to diesel alternative by end of this year
5 days ago

Go-ahead for 27-storey tower next to Shard

Edge London Bridge hailed as first of a new generation of office towers in London
6 days ago

Firms primed for £50m Hertfordshire police HQ

Contest to start in October for Welwyn Garden City blue light job
6 days ago

Contractor services