Land Securities announces recommencement of West End projects
Land Securities has today (Tues 19 Jan) announced the restart of three key West End projects halted during the financial crisis. The pivotal move follows two gigantic cash injections funded by a £756m GBP rights issue and the sale of £520m of property in the summer of last year. Park House, Selbourne House and Wellington House in London will now recommence works with all three projects expected to complete by the end of 2013.
Colette O’Shea, Director of Development for Land Securities London Portfolio, said while announcing the £655 m investment: "To be the first major developer to state publicly that we are starting to deliver such a substantial development programme, demonstrates our financial strength and development capabilities as well as our confidence in the West End market. This significant investment will create new jobs and also deliver shareholder value.
“These three schemes, all designed by leading architects, will really make a difference to the West End and demonstrate our consistent commitment to the future of London through investment and thoughtful design.”
Park House by Hamilton Associates is the largest development on Oxford Street in 40 years with 15,140 sq m office space, 8,140 sq m retail and 5,380 sq m residential space. With its piling works completed in April 2009 the project is ripe for continued development.
Selbourne House by Pelli Clarke Pelli and Swanke Hayden Connell will provide 11 floors of new office space in a unique design featuring a folded façade which responds to its surroundings.
Designed by architectural practice John McAslan + Partners, Wellington House, located on Buckingham Gate in the heart of Victoria is comprised 5,540 sq m of luxury residential accommodation across 59 apartments. Originally submitted for planning in 2008, work was scheduled to begin on site in May 2009.