Despite claims that commercial property investors are turning away from the capital in favour of regional cities such as Manchester and Birmingham, construction on two large-scale developments of London office space to rent is to begin later this year – demonstrating developers’ confidence in the capital.
£800m Transformation of Victoria Circle
The dramatic transformation of Victoria is to push ahead, with the news this week that building work is to start on the £800 million Victoria Circle development.
The extensive demolition work is now complete and the site is ready for construction to begin on the first of its new buildings. In total, the site will incorporate 900,000 sq. ft. of London office space to rent across five new buildings opposite Victoria Station.
The first phase of the mixed use development is expected to reach completion in 2016 and will include 480,000 sq. ft. of London office space to rent. Construction work is to begin next month, with the complete development expected by 2018.
£1bn London office space to rent Shell Centre
On the opposite bank of the Thames, Lambeth Council has approved plans for the £1billion redevelopment of the Shell Centre site.
Like the Victoria Circle development, the Shell Centre will be a mixed use site which will include 800,000 sq. ft. of London office space to rent across two buildings – one of which is the twenty-seven storey Shell Centre Tower which will form the centre piece of the site.
Meanwhile, the Hungerford, York and Chicheley wings of the Shell Centre will be demolished and replaced with new London office space to rent. Shell will continue to occupy office space in the main tower and in the newly built wing buildings.
Braeburn Estates, a joint venture between Canary Wharf Group and Qatari Diar, will lead the development of the site. Construction work is to begin by the end of the year and the full development is expected to reach completion in 2019.
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