Land Securities gets green light for Victoria scheme

Land Securities, UK's largest REIT, said on Friday that it has been granted planning consent for its 138,000 m² Victoria Transport Interchange (VTI2) scheme in London's West End from Westminster City Council.

The planning consent brings Land Securities - which has been developing in Victoria for over 40 years - one step nearer towards realising its 10-year revitalisation plan for this long-overlooked area of London. This plan aims to replace outdated pockets of post-war buildings with new homes, offices, shops, restaurants, public amenities and open spaces. The designs will introduce the best of the new while respecting the area's existing Victorian urban fabric.

VTI2 is a cornerstone of this revitalisation plan. Masterplanned by award-winning architects Kohn Pederson Fox Associates (KPF), it will be situated next to Victoria Station and will comprise six buildings arranged to open up new accessible public spaces in what are currently closed blocks. The buildings will provide a mix of housing, premium office spaces, quality shops and restaurants and a public library.

Nearly a quarter of the residential units will be affordable housing to help meet Westminster's affordable homes target. A total of 140 car parking spaces will be provided as well as more than 850 new cycle spaces. The scheme also incorporates some of the latest sustainability technologies.

Mike Hussey, Managing Director of Land Securities' London Portfolio, said: 'Victoria is London's great missed opportunity. Although it has a central location, proximity to Royal Parks and the river and many of London's landmark historic buildings, it has in recent decades been sidelined as a poor relation of other parts of the West End. But Land Securities has an optimistic vision for Victoria. We want to give it a new lease of life as a distinct, vibrant destination that will bring this part of the capital the recognition it deserves.'

The impact of VTI2 will build on the success of Cardinal Place, Land Securities' first mixed-use development on Victoria Street which opened in 2005. Land Securities is also currently awaiting decisions on two other proposed developments on Victoria Street - Wellington House and Selborne House - which are due on 19 February.