Land Securities has today announced the start of a £655 million (approx. 750.3 mln.) West End development programme with construction contracts agreed for three schemes, all due to complete by the Summer 2013. Park House, the largest development on Oxford Street for 40 years, along with Wellington House and Selborne House, two schemes in Victoria, will start on site this year with completions scheduled for November 2012, July 2012 and 2013 respectively.
In delivering these office, retail and residential spaces, Land Securities will take advantage of anticipated rising demand for West End offices, correctly configured space for retailers and meet a requirement for premium residential accommodation in the capital. The Victoria developments will further Land Securities ambitions for the SW1 area which began with the launch of Cardinal Place in 2006 and includes the future regeneration of the area surrounding Victoria station in a phased development program.
Colette O'Shea, Director of Development for Land Securities London Portfolio, said: "To be the first major developer to state publicly that we are starting to deliver such a substantial development programme, demonstrates our financial strength and development capabilities as well as our confidence in the West End market. This significant investment will create new jobs and also deliver shareholder value. These three schemes, all designed by leading architects, will really make a difference to the West End and demonstrate our consistent commitment to the future of London through investment and thoughtful design."
The mixed-use Park House scheme at the west end of Oxford Street consists of office (15,140 m²), retail (8,140 m²) and residential (5,380 m²) space. The existing 1960's building was demolished in 2007 and the cleared site has been used for temporary events while development works were delayed. The new building, designed by leading architects Hamilton Associates, will provide some of the largest office floor plates in the West End together with much needed modern retail space on this internationally renowned street. The luxury residential accommodation will occupy half of the building from the second to seventh floor and offer a much sought after Mayfair address. Works will start on site in May with completion scheduled for November 2012. Mace has been awarded the construction contract.
In 2013, Victoria Street, SW1 will see 11 floors of new office space (23,450 m²) and ground floor retail (1,540 m²) with the completion of Selborne House, a cutting edge and environmentally sensitive building. Designed jointly by Pelli Clarke Pelli Architects and Swanke Hayden Connell, it will feature a façade made up of a series of folding planes designed to respond to the surrounding buildings. Sir Robert McAlpine is delivering the construction project which is expected to start on site later this year.
The scheme, designed by architectural practice John McAslan + Partners, is located on Buckingham Gate in the heart of Victoria, comprising 5,540 m² of luxury residential accommodation. Wellington House will offer 59 apartments ranging from studio to four bedroomed units with ground floor retail of 250 m². The works will start on site in April with completion scheduled for July 2012. Wates has been selected for the construction contract.
Source: Land Securities