Today marks the launch of the next major phase in the continued transformation of Victoria in London’s West End by Land Securities (LS), and its joint venture partner for this development, Canada Pension Plan Investment Board (CPPIB).
Nova is the defining moment in Land Securities’ £2.2 billion (approx. €2.59 billion) reinvention of Victoria. It is a game changing 897,000 ft² (approx. 83,330 m²) scheme delivering 603,000 ft² (approx. 603,000 m²) of world class grade A offices, 193,000 ft² (approx. 17,930 m²) of contemporary high quality apartments, 85,000 ft² (approx. 7,900 m²) of high profile retail, cafes and restaurants and 16,000 ft² (approx. 1,490 m²) of community space.
The transformation of this 5.5 acre island site will deliver the new seven day destination that will encourage the 115 million people who use Victoria Station each year to engage with this part of the West End.
Along with the five landmark buildings, Nova, Victoria delivers a significant new public and cultural space, with evolving public art and outdoor dining, linking Victoria Station to Buckingham Palace and St James Park. Nova is the place for Victoria’s residents, businesses and visitors to meet and unwind.
Nova’s bold, contemporary look is the result of a collaboration between several notable architecture practices. PLP Architecture has designed the masterplan and is architect for the three commercial buildings. Benson & Forsyth are delivering the statement residential fronting Buckingham Palace Road with Flanagan Lawrence. Lynch Architects are responsible for the signature mixed use civic building fronting Victoria Street.
Construction of Nova, Victoria starts this month. The 727,000 ft² (approx. 67,540 m²) first phase, comprising 480,000 ft² (approx. 44,600 m²) offices, 80,000 ft² (approx. 7,430 m²) retail and 170 apartments across three buildings within a new pedestrianized, landscaped public quarter is due for completion second quarter of 2016.
Nova directly benefits both London and Victoria’s economies. 857 jobs are expected to be created during demolition and construction and this workforce is estimated to spend £500,000 (approx. €590,000 per annum locally whilst on site. When completed and operational, Nova, Victoria will create 5,181 jobs. 73% of these are expected to be local contributing an additional £3 million (approx. €3.53 million) per year to the Victoria economy. Nova delivers 18.6% of the London Plan’s new homes annual target for Westminster. Nova’s residents will create a net benefit of £4.2 million (approx. €4.94 million) per year to the London economy
Land Securities Head of London Development Colette O’Shea said:
“Nova is great news for London and Victoria. Nothing of this scale and potential has been delivered in this part of the West End before. We are delighted to be continuing our investment in Victoria with a scheme which we believe will become the destination for all looking to find the best that London has to offer in the heart of SW1.”
CPPIB’s Managing Director and Head of Real Estate Investments - Europe Wenzel Hoberg said:
“Nova, Victoria represents a transformative and exciting development in an iconic area of London’s West End and will deliver significant economic benefits to the local and wider community throughout its development. Nova, Victoria supports CPPIB’s real estate strategy to own and develop properties in key markets for the long term and we look forward to its completion.”
Office at Nova, Victoria
Nova will deliver an architecturally striking urban campus in the center of a great world city. With Victoria already home to businesses such as Channel 4, Microsoft and the Telegraph Media Group as well as high-fashion names such as Jimmy Choo, Tom Ford and Burberry, Nova, Victoria will become the base for innovative and forward-thinking global businesses.
Retail at Nova, Victoria
Nova will be a base for exclusive and eclectic retail and restaurant brands where the unexpected lies around every corner. Attracting a constellation of coveted brands that push the boundaries of the retail and dining experience, Nova, Victoria will create an unmistakable buzz in this newly defined district and thriving thoroughfare.
Residential at Nova, Victoria
Nova will represent luxury, city center living in a beautifully engineered statement building amid the grandeur of Westminster and Belgravia, and overlooking the gardens of neighboring Buckingham Palace. The best of London is here: the Royal Parks, the river, the political heart of Westminster, the exclusive retail and restaurant brands, the thriving cultural quarter. Yet the world beyond is easily accessible, with fast international links on the doorstep.
Source: Land Securities