Land Securities and Canada Pension Plan have formed a joint partnership to develop the £1 billion Victoria Circle scheme in West London.
The JV, to be called the Victoria Circle Limited Partnership, will seek to build a 910,000 sqft mix of residential, offices, retail and public amenities, across five new buildings.
The scheme, occupying the island site opposite Victoria Station bounded by Bressenden Place, Victoria Street and Buckingham Palace Road, will be completed in two phases no earlier than 2016 and 2018.
Land Securities has sold the existing properties on the site to the Partnership at a price of £163 million. The buildings are let until September 2012 - the earliest date at which demolition can start.
Land Securities has been appointed Development Manager by the Partnership and as part of this role, will be responsible for leasing all the retail and office space as well as selling the private apartments.