Mitsubishi Estate held a groundbreaking ceremony on Thursday for a large office complex to be built along the River Thames in London.
The complex, named 72 Upper Ground, is scheduled to be completed in 2029 at a total cost of about ¥160 billion (about $1.06 billion), making it the company's largest-ever development project in Europe.
With a total floor space of about 91,200 square meters, the complex will be located on the former site of a building used as the headquarters and studio of British commercial broadcaster ITV. The south building will have 25 floors above ground, the north building will have 14 floors, the connecting section will have six floors, and there will be two floors underground.
Strong demand is anticipated thanks to convenient transportation access.
Connected to a riverside promenade, about 40% of the site is expected to be used as public space where people can freely enjoy themselves. The project also aims to support young creators in cultural and artistic fields, in collaboration with the nearby National Theatre, for example by providing office space with affordable rents.
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