Land Securities plan to redevelop Victoria office space.
Office space in London to be refurbished by Land Securities.
The plans to redevelop the Victoria area in London have moved forward thanks to Land Securities beginning work on 123 Victoria Street.
The company got the go ahead from Westminster City Council who granted Land Securities planning consent recently. The project will see the 1970s office and retail property redeveloped at a cost of around £150 million.
Completion of this scheme will result in over 200,000 square feet of high quality office space in the London area. Land Securities are also currently redeveloping 275,000 square feet of office and retail space at 62 Buckingham Gate, which is due to be completed in April 2013.
123 Victoria Street is the latest in a string of schemes that Land Securities have undertaken to redevelop the Victoria area. The company hope to build on the success they had with Cardinal Place, the first mixed use development that they completed in Victoria. This building helped to create fresh demand for grade A office space and attracted many big companies to the area including Microsoft, Wellington Asset Management, P&O and 3i.
“This is the next step in our masterplan to regenerate this important destination in the heart of the capital. We are using the once in a lifetime opportunity that government downsizing gives us to completely rejuvenate Victoria for residents, businesses and visitors,” commented Robert Noel, managing director of Land Securities’ London real estate portfolio.