Land Securities' plans for the rejuvenation of Victoria have taken another step forward as work started on the redevelopment of 123 Victoria Street, SW1 last week.
The start on site follows Westminster City Council's decision to grant planning consent on December 2, 2010, and is due to complete in late 2012.
The 21,000-m² 1970's office and retail building will be comprehensively refurbished with a development cost of around £150 million (approx. 179 mln). The redevelopment, designed by Aukett Fitzroy Robinson will include replacing all the building's glazing and shop fronts to improve energy efficiency and maximize the internal natural lighting. A new roof will be added, and the canopy will be removed and allow the original award winning architecture to come back to life. Internally the building will be completely stripped out, the service core and reception areas reconfigured and all plant and machinery replaced.
123 Victoria Street forms part of Land Securities' long term vision to transform the Victoria area and will build on the success of Cardinal Place, Victoria's first mixed use development which completed in 2005. It helped create the demand for new grade A office space, shops, restaurants and community space, and attracted new companies to the area such as Microsoft, 3i, Wellington Asset Management and P&O as well as more than 24 retailers including Marks and Spencer, Molton Brown and Topshop. Land Securities is maintaining momentum with its 275,000-ft² 62 Buckingham Gate scheme due for completion in April 2013 and Wellington House, a residential scheme of 59 apartments due to complete in 2012.
Robert Noel, Managing Director of Land Securities' London Portfolio, said: "This is the next step in our master plan to regenerate this important destination in the heart of the capital. We are using the once in a lifetime opportunity that government downsizing gives us to completely rejuvenate Victoria for residents, businesses and visitors."
Source: Land Securities
