Independent real estate group Topland has invested £165m into a new office development in central London.
Verdant, as the new scheme will be known, is a significant redevelopment of 3-4 Bartholomew Place / 150 Aldersgate Street, immediately adjacent to the new Elizabeth Line Station at Farringdon.
Demolition work is now complete on the site and groundworks are currently underway by specialist Erith Group.
Topland, the private family office of billionaire brothers Sol and Eddie Zakay, in conjunction with development managers Beltane, have now appointed Midgard as main contractor for the scheme.
Midgard is expected to start construction in October under a contract worth £57.85m.
Approximately 80% of the existing structure will be reused and the building will offer natural ventilation and a bespoke biophilic design. In addition, there are green roofs, terraces, hard and soft landscaping, and external courtyards.
Sol Zakay, chairman and CEO of Topland Group, commented: “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.”
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