Multiplex has been officially awarded the main £250m construction contract for the redevelopment of 75 London Wall in the City of London.

The deal was signed with Malaysian property group Gamuda Berhad and London-based real estate investor, Castleforge on Tuesday morning.

Main construction will now start on the £1.2bn project following extensive enabling and demolition works led by the Erith Group.

Redevelopment work is now expected to achieve practical completion in Q1 2028.

Multiplex has been working over the past year under a Pre-Construction Services Agreement with Gamuda and Castleforge.

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.”

Michael Kovacs, Founding Partner of Castleforge, added: “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.”

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.”