Land Securities' plans to build new
London offices, residential properties and retail space in Victoria represent a major transformation for this area of the city.
This is according to a spokesman for the company, who told the Wall Street Journal that its scheme - which is unfolding over a period of ten years - is "a game changer for this part of the West End".
Last month, Westminster council decided to give planning permission to Land Securities for the redevelopment of Kingsgate House at 66-74 Victoria Street from a single block of offices to two structures containing 203,000 sq ft of high-quality commercial space, as well as 102 apartments.
The firm also finished work on the mixed-use Cardinal Place site five years ago, which offers 649,000 sq ft of space for retailers and businesses, is almost completely let and is valued at more than £200 million.
Other elements of the decade-long development plan include the transformation of
Victoria offices at 62 Buckingham Gate and a commercial development at 123 Victoria Street, which is expected to be completed next year after planning consent was granted in 2010.
The investment in this part of London has been supported by an overhaul of Victoria Station to enable a more seamless experience for those travelling by tube or rail.
Land Securities' projects in Victoria have been aided by a number of central government leases expiring, allowing the company to operate with the help of the local authorities.
It is hoped the relatively lower office rents in this area of the capital will attract more businesses to the commercial space available there.
Some of the big names that have settled into
Victoria offices over the last few years include Microsoft, the Telegraph Media Group and Google.
Other south-west
London offices owned by Land Securities include the 354,000 sq ft Queen Anne's Gate, which is home to the Ministry of Justice, and Portland House, which has 26 floors providing around 10,000 sq ft of space each.
Posted by Emma Davies
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