15 May 2013
Land Securities Group PLC ("Land Securities")
LAND SECURITIES/CPPIB JOINT VENTURE TO DEVELOP THE £768 MILLION FIRST PHASE OF VICTORIA CIRCLE
Land Securities and its joint venture partner Canada Pension Plan Investment Board (CPPIB) have confirmed the commencement of the £768 million first phase of its Victoria Circle project, as part of the continued transformation of Victoria, in London's West End. The 50:50 joint venture was previously announced in February 2012.
The first phase, which totals 727,000 sq ft, offers 480,000 sq ft of efficient, high quality office accommodation, 80,000 sq ft of exciting retail/restaurant space and 170 luxury modern apartments within three architecturally striking buildings, at the heart of a new pedestrianized, landscaped public quarter.
The comprehensive development of this 5.5 acre site directly opposite Victoria station will see the area change from being a central thoroughfare to an unparalleled destination in which to work, live and play.
When complete, Victoria Circle will crown the recent re-invention of Victoria, which is already home to businesses such as Channel 4, Microsoft and the Telegraph Media Group as well as high-fashion names such as Jimmy Choo, Tom Ford and Burberry.
Demolition started on the Victoria Circle site in October last year. Mace has been appointed the main contractor and construction is due to start in June 2013 with completion due in the second quarter of 2016.
Land Securities Chief Executive Robert Noel said:
"Land Securities was the first to start large-scale development after the downturn, a strategy which is generating higher returns at this point in the cycle. Today's announcement is an extension of this strategy and a clear commitment to our on-going transformation of Victoria."
CPPIB's Senior Vice President, Graeme Eadie said:
"We are delighted to launch the first phase of this transformative development in a prime area of London's West End. Victoria Circle supports CPPIB's real estate strategy to own and develop properties in key markets for the long term."
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For further information please contact:
Land Securities Group PLC
Molly Neal / Camilla Cunningham
T: +44 (0)20 7024 5460 / 5469
[email protected]
[email protected]
Notes to editors:
Images available on request
Land Securities is the UK's largest commercial property company and a member of the FTSE 100. The company owns and manages more than 26 million sq ft of office, retail and residential space.
Victoria Circle is a landmark 897,000 sq ft mixed use development delivering 603,000 sq ft offices, 85,000 sq ft retail, 193,000 sq ft residential, 16,000 sq ft community space and 173 car spaces. It will comprise five new buildings occupying the island site bounded by Victoria Street, Buckingham Palace Road and Bressenden Place. Completion of the whole scheme is estimated for the third quarter of 2018.
The development has been designed for phased delivery with three separate planning permissions covering the 5.5 acre site. The second and third phases cannot start until London Underground Limited complete works on the Victoria Station Upgrade and hand back some of the land. This is expected to happen in the third quarter of 2016.
PLP Architecture has designed the masterplan and is architect for the three commercial buildings. Benson & Forsyth and Flanagan Lawrence have collaborated to deliver the statement residential building fronting Buckingham Palace Road. Lynch Architects is responsible for the signature mixed use civic building fronting Victoria Street.
The site is being developed by the Victoria Circle Limited Partnership, a 50:50 joint venture between Land Securities and CPPIB. Land Securities are the Development Manager for the project and responsible for leasing the retail and office space as well as selling the private apartments.
The scheme will be officially launched on 11 June 2013 as part of the London Real Estate Forum event at Berkeley Square.
www.landsecurities.com
