Mitsubishi Estate Breaks Ground on Landmark Thames-Side Development

London’s South Bank has long been a canvas where architecture, culture and commerce converge. This week, that story entered a bold new chapter as Japan’s Mitsubishi Estate Co. held the groundbreaking ceremony for its largest-ever European project: 72 Upper Ground.

Rising on the site once home to ITV’s headquarters and studios, the development represents a major investment in London’s future. At a projected cost of approx. £830 million, the scheme is designed to deliver more than 91,000 square metres of office and cultural space by 2029.

The development will be split across three interlinked structures: a 25-storey south tower, a 14-storey north tower, and a six-storey connecting block, supported by two subterranean levels. This ambitious scale reflects both the city’s appetite for Grade A office space and Mitsubishi Estate’s long-term confidence in London as a global business hub.

Yet what sets 72 Upper Ground apart is not just its scale, but its ambition to reshape the relationship between private development and public life. In a striking move, around 40% of the site will be dedicated to public realm, including riverside promenades and green spaces designed to extend the South Bank’s pedestrian-friendly cultural spine.

In keeping with its location next to the National Theatre, the project also promises to foster the arts. Plans include affordable workspace for young creators in cultural and artistic fields, ensuring that London’s next generation of talent has a place in the city’s evolving riverside landscape.

For Mitsubishi Estate, the project cements its reputation as one of the world’s most influential developers, exporting its Tokyo-tested model of integrated urban design to Europe. For London, it represents a major vote of confidence at a time when the global real estate market remains in flux.

72 Upper Ground is more than just another office complex, it’s a statement about London’s resilience, creativity, and international pull. When it completes in 2029, it will not only redefine the South Bank skyline but also enrich the cultural fabric that makes the capital one of the world’s most dynamic cities.