Firm appointed to City scheme by Malaysian backer of JRL
Ardmore has landed a £150m job to refurbish and extend a grade II-listed office building on Finsbury Circus in the City of London.
The contractor has been appointed by IJM, a Malaysian developer which is poised to expand into the UK construction market after signing an agreement in November last year to acquire a 50% stake in JRL.
The RM5.92bn (£1.1bn)-turnover developer purchased the 25 Finsbury Circus site for £72.5m from private equity firm TPG Angelo Gordon.
>> See also: Malaysian conglomerate agrees deal to take 50% stake in JRL
It said work on the Carmody Groarke-designed scheme, which was approved in 2020, is expected to start “immediately” and will take around 36 months.
Two storeys will be added to the historic 1902 building, increasing its floorspace by 26% to a total of 378,060 sq ft, with 251,000 sq ft of net lettable area.
IJM said the scheme will have a total value of £380m when complete.
The firm’s group chief executive and managing director Dato’ Lee Chun Fai said the acquisition “strengthens IJM’s presence in the UK, reflecting our confidence in its long-term property sector as London’s financial district continues to evolve as a global hub for finance, commerce, and technology”.
The project team includes Third London Wall as project manager and employers agent, Quantum as QS, Waterman as structural engineer and Twinearth on sutainability.
Ardmore’s recent jobs have included turning the grade II*-listed Old War Office in Whitehall into a five star hotel and residential complex.
The firm is currently on site with the next phase of the Britannia development for Hackney council in London. It is building four new residential blocks of up to 25 storeys for close to 400 homes.
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