New office space development for London’s Marble Arch House.
Marble Arch House is to be redeveloped by British Land.
British Land are planning to develop office space in London.
The development project will be carried out on Marble Arch House and will create more high quality office space in the capital.
The company intend to produce 100,000 square feet of retail and office space through the project in a new complex that will replace the two five story buildings at the Marble Arch.
British Land have forged a deal with The Portman Estate to acquire and redevelop the iconic site. The price they paid to purchase the building itself sits at around £18 million.
The company are planning to knock down the two separate buildings that make up Marble Arch House and then construct a new mixed use property in its place. The renovated pbuilding will include 60,000 square feet of office space, luxury apartments and retail outlets.
Marble Arch House is located between Seymour Street and Edgware Road and is ideal for companies looking to rent space adjacent to London’s West End. The development is a promising sign in a time when high quality office space is becoming hard to acquire in the capital.
British Land have also recently announced that they have formed a joint venture with the Blackstone Group to redevelop and completely refurbish 199 Bishopsgate in the heart of London.
“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,” commented Gareth Clutton, chief executive of The Portman Estate.