First phase of Victoria Circle launched

Posted on by Offices.org.uk

ALMOST half-a-million square feet of office space will feature in the first phase of a new central London development with work to begin in June.

Commencement of the Victoria Circle scheme has been confirmed by joint ventures behind the project, Land Securities and the Canada Pension Plan Investment Board (CPPIB).

170 apartments and 80,000 sq ft of retail and restaurant space will also feature at the 5.5 acre site in London’s Victoria on which demolition work started last October.

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.”

Completion of the project, which Mace had been appointed to undertake, is due in 2016 Q2.

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