Castleforge has secured a £115m senior loan facility from Cheyne Capital and affiliates of Apollo to support its redevelopment of 1 Golden Lane in the City of London.
Castleforge acquired the Grade II listed 1 Golden Lane site, which was designed by Sidney Smith, the original architect of Tate Britain, in November 2021.
The redeveloped office scheme, which will be known as ‘UNO’, will offer around 120,000 sq ft of high-quality, Grade A commercial space within four minutes of the Elizabeth Line at Farringdon Station.
Around 95% of the existing building will be retained, including the original elements of the façade, which date back to 1896.
Midgard has been appointed as the main contractor to oversee the £60m construction project, which is due to complete in Q1 2026.
Michael Kovacs, founding partner of Castleforge, said: “High-profile firms need best-in-class office environments, especially at a time when employees are now either in the office full time or hybrid working and require exceptional sustainability certifications to keep pace with ESG commitments. UNO will provide office spaces fit for blue chip occupiers looking for a new central London headquarters and highlights our commitment to investing in London’s sustainable office market.”
Andreas Dimitriou, from Cheyne Real Estate, added: “The demand for premium office space in central London remains strong, particularly for properties that combine high-quality facilities with expansive green space. Castleforge has a proven track record of executing ambitious, innovative, and sustainability-led developments in the UK and Europe. We are thrilled to be partnering with the team again, alongside Apollo, to create a best-in-class workspace with the highest ESG standards at its core.”
Ben Eppley, partner and head of European RE credit at Apollo, said: “We are pleased to join Cheyne in supporting the team at Castleforge on 1 Golden Lane, a Grade II listed site that will be thoughtfully and sustainably redeveloped to meet continued demand for high quality office space.”
Lakefield Capital acted as a financing broker on the transaction.
