Land Securities kicks off EUR 759m West End development drive

UK property giant Land Securities has announced the start of a £655 mln (EUR 759 mln) West End development programme with construction contracts agreed for three schemes. All are due to be completed by 2013.

The projects are at Park House, the largest development on Oxford Street for 40 years, along with Wellington House and Selborne House, two schemes in Victoria. The schemes are due for completion in November 2012, July 2012 and 2013 respectively.

Land Securities said it is seeking take advantage of anticipated rising demand for West End offices while meeting a requirement for premium residential accommodation in the capital.

'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,' said Colette O'Shea, director of Development for Land Securities London Portfolio.

The mixed-use Park House scheme consists of office (15,140 m2), retail (8,140 m2) and residential (5,380 m2) space. The existing 1960s building was demolished in 2007 and the cleared site has been used for temporary events while development works were delayed. The new building was designed by architects Hamilton Associates, with Mace being awarded the construction contract. Works will start on site in May with completion scheduled for November 2012.

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 the Selborne House building. The Wellington House 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.