Midgard is expected to start on site in October under a contract worth £57.85m to the JRL Group company.

Demolition work is now complete on the site at 3-4 Bartholomew Place/150 Aldersgate Street and groundworks are currently underway by specialist Erith Group.

The Verdant scheme is due for completion in 2024 and will offer 135,000 sq ft of high-quality, sustainable office space

Privately-owned real estate group Topland is backing the scheme financially in a move seen as another major vote of confidence in the London office market.

Sol Zakay, chairman and CEO of Topland Group, said: “We believe there has been an over-reaction to the shifting dynamics of the City’s office market now that hybrid working is here to stay. This, coupled with the prevailing economic headwinds, has seen some developers get cold feet. 

“As a result, we are facing a shortage of quality, new space over the next three years. A sustainable, high-quality building situated on the Elizabeth Line route is ideally poised to capture the demand from major corporate occupiers from a number of sectors that are looking for landmark headquarters buildings in what is still one of the world’s premier business locations. 

 “We have been in discussions with parties regarding a pre-letting and we are very confident to proceed with the scheme on a speculative basis given the high quality of the design, excellent location and strong ESG credentials of Verdant.” 

 The building will achieve a low embodied carbon footprint by reusing approximately 80 per cent of the existing structure, offer natural ventilation throughout and a bespoke biophilic design integrated into the architecture.  

In addition, there are green roofs, terraces, hard and soft landscaping, and the creation of external courtyards.