Doughty Hanson & Co Real Estate and Terrace Hill Group PLC (the "Company") (AIM: THG) have been granted detailed planning consent for a major new office and residential scheme at 1 Howick Place in Victoria, London.
The new scheme, which is on the site of the former head office of House of Fraser, will comprise:
- 135,000 ft² of net internal Grade-A offices over eight floors, ranging in size from 14,500 ft² to 20,000 ft²;
- 23 private residential apartments offering a range of one, two- and three-bedroom options on the upper levels with high-quality specifications and generous living space; and
- 10 affordable housing units, of one to three bedrooms.
Cushman & Wakefield and CB Richard Ellis have been appointed to act as letting agents on the commercial element of the development and will start marketing for pre-lets early in 2009. Work is scheduled to start on site in spring 2009, with completion targeted for the summer of 2011. The scheme will include a number of energy-saving environmental features including Combined Heat and Power and Ground Source Heat Pump systems, designed to maximize energy efficiency and minimise the scheme's carbon emissions. These measures will help to achieve a targeted BREEAM rating of 'Excellent'.
Savills has been retained to advise on the residential elements of the scheme.
Kevin Grundy, a Principal with Doughty Hanson, said: "Howick Place will provide office and residential accommodation which delivers value for tenants without compromising on quality. Designed by architects Rolfe Judd, the building is sensitive to its surroundings and has a wide range of energy management systems in place, giving the scheme an excellent environmental standard. The planning consent allows us to move into the construction phase of development and remain on schedule for a 2011 completion, when we anticipate the short supply of similar competing projects in the area will lead to strong demand for Howick Place."
Philip Leech, Chief Executive of Terrace Hill, added: "While the current market conditions are tough for everyone it is important to keep a focus on the future growth of our business and to ensure we are still able to deliver the right product, at the right time in the cycle. Achieving a commercial consent for this development now is, therefore, extremely encouraging and represents an important milestone. Howick Place meets the aspirations of all interested local groups and the project looks set to make a significant contribution to the progress already made in the redevelopment and regeneration of Victoria. We are firm believers in the potential of this part of London and are confident that we will attract a range of prestigious and diverse occupiers."
Source: Capital MS&L