Land Securities has given the green light to Mace to start working on phase one of the £768 million Victoria Circle scheme.
The first stage of the project, in joint venture with Canada Pension Fund Investment Board, totals 727,000 sq ft, offers 480,000 sq ft of efficient, high quality office accommodation, 80,000 sq ft of retail/restaurant space and 170 luxury modern apartments within three architecturally striking buildings, at the heart of a new pedestrianized, landscaped public quarter.
Demolition started on the Victoria Circle site in October last year.
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.”
Mace said the £380m award comes after almost two years project preconstruction advice alongside the delivery of utility diversions, enabling works and appointment as CDM Co-ordinator.
Stephen Pycroft, executive chairman of Mace, said: “I am delighted that Land Securities has chosen to appoint Mace, once again, to deliver what will become one of London’s most significant developments.
“Victoria Circle is a complex project due to its proximity to vital transport links but I am confident that the team will demonstrate the expertise that Land Securities has come to expect from us and deliver a major development for London.”
The apartment buildings will span Buckingham Palace Road plus two commercial buildings bordered by Victoria Street and Bressenden Place in this first phase of the scheme, which will take four years.