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Mixed use schemes to grow in capital

NEWS - MIPIM 2006: London set for commercial building boom, say developers

LEADING property developer Development Securities has predicted a boom in mixed-use schemes in the years ahead as it unveiled plans for a £200 million project in north London last week.

Development Securities, the firm behind the Paddington Central project, made the forecast as its showed off plans for the Oriental City scheme on the Edgware Road.

Joint managing director Julian Barwick said at the French property fair Mipim, held in Cannes last week, that the company would be carrying out more mixed-use schemes in the future.

The developer wants a complete overhaul of the existing market and food emporium, which currently makes up Oriental City, Europe's first retail and cultural hub for the communities of south-east Asia.

A planning application is due to be submitted to Brent Borough Council in the next few weeks.

A host of contractors are circling the growing number of mixed-use schemes.

One source at HBG said: 'The two major projects we are looking at and hoping to get involved in are the huge King's Cross development by Argent and Oriental City.

There is an awful lot of work going to happen here.' Known as King's Cross Central, the Argent development will run across nearly 750,000 sq m of space close to the King's Cross and St Pancras railway stations.

It is the largest redevelopment scheme in the capital and work will take place over the next 15 years.

Planning permission has finally been granted and Argent has lined up Carillion, Kier and HBG to carry out the work.

The expected glut of mixed-use schemes comes as developers predict that a host of big office jobs in London look finally set to get off the ground thanks to an upturn in rental rates and a lack of prime office space.