Plans Proceed for ┬ú40m Office Property in West London
Property developer British Land has bought Marble Arch House in West London from Portman Estate, with the intention of building a new 100,000 sq ft retail and office space scheme.
The purchase agreement consists of two 1930s five-story buildings close to Hyde Park, on the corner of Seymour Street and Edgware Road.
The plans, for which British Land already have detailed planning permission in place, include knocking down the two properties and replacing them with a new mixed-use scheme, featuring 60,000 sq ft of office space, retail space, and luxury residential apartments.
Designed by Bennett’s Associates Architects, the project is estimated to cost ┬ú40m in total.
According to the Construction Enquirer, Tim Roberts, head of offices at British Land commented: “We are pleased to have secured yet another great development opportunity on The Portman Estate,” while chief executive of The Portman Estate Gareth Clutton said:
“There was a great deal of interest in this development opportunity but British Land’s proposal eclipsed the others and we are delighted to work with them again on this their third major transaction on The Portman Estate.”
Work is due to start later this year and a completion date has been scheduled for mid-2013.
This latest addition on Edgware Road is a boost to British Land’s central London office portfolio and their development programme. Other projects in the pipeline for the developer includes office properties for UBS at Broadgate, development of the Leadenhall Building (a.k.a the ‘Cheesegrater’), and the NEQ offices in the West End.
- British Land Cheesed-Off with Office Scheme Nickname
- British Land Bet Big on Broadgate with RBS Office Upgrade
- Revival of the City’s ‘Cheesegrater’ Office Tower
- UBS on Track for New Office Tower in the City