Land Securities Ready for Victoria Office Revamp
Plans to rejuvenation a 1970ΓÇÖs office building in Victoria have taken a step forward – with Westminster City Council having granted planning permission to property giants Land Securities who will now begin to overhaul the buildingΓÇÖs office space as part of a ┬ú150 million refurbishment.
The building, which is located at 123 Victoria Street, will be comprehensively refurbished in order to bring the 227,000 sq. ft. of retail and office space up to modern day standards ΓÇô with natural lighting, energy efficiency and measures to uncover much of the buildingΓÇÖs original architecture high on the agenda. Internally the building will be gutted and have locations such as the reception areas reconfigured in order to make the most of the space.
With office space in SW1 constantly in demand, the arrival of a large quantity of grade ΓÇÿAΓÇÖ office space is sure to be welcomed. The delivery of such space is central to Land Securities long-term vision for the Victoria as it seeks to transform this area of Central London.
ΓÇ£This is the next step in our masterplan to regenerate this important destination in the heart of the capital.ΓÇ¥ explained Robert Noel, Managing Director of Land SecuritiesΓÇÖ London Portfolio.
ΓÇ£We are using the once in a lifetime opportunity that government downsizing gives us to completely rejuvenate Victoria for residents, businesses and visitors.”
Land Securities first put its plans for Victoria into action in 2005 when it completed the Cardinal Place Scheme, VictoriaΓÇÖs first mixed use development and one which the property firm credits with having attracted companies such as Microsoft, Wellington Asset Management and P&O to the area.
Office space in Victoria, as with all areas of Central London, has not only proved popular with those looking for conventional office space ΓÇô but also with the growing number of businesses opting to locate themselves in one of the 249 buildings providing serviced office space across Central London.
The areas popularity amongst serviced office based businesses is shown in data from the UKΓÇÖs largest independent broker – officebroker.com.
Comparing year-on-year data, the broker reports a 13% increase in the number new businesses entering serviced office across the SW1 postcode ΓÇô a trend which is reflected throughout the rest of Central London and will be analysed in depth when the broker publishes its Serviced Office Review series later this month.
Having started the ball rolling with its Victoria Street project, Land Securities will now look to keep its momentum ΓÇô with its Buckingham Gate and Wellington House schemes both scheduled to complete in 2013.
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