Land Securities has launched the next phase in the regeneration of London’s Victoria district, promising to deliver a ‘vibrant destination’ in which to work, live and spend leisure time.
The £2.2 billion mixed use development, in conjunction with the Canada Pension Plan Investment Board (CPPIB), will provide 603,000 sq ft of grade A offices and 193,000sq ft of apartments. There will also be a further 85,000 sq ft of shops, cafés and restaurants and 16,000 sq ft of pedestrianised public space.
It is hoped the project, known as Nova, will transform the area into a seven day destination that will become a hub for businesses and encourage the 115 million people who pass through Victoria Station each year, to stay and enjoy this part of the city.
Collette O’Shea, Land Securities head of London development says: “Nova is great news for London and Victoria.
“Nothing of this scale and potential has been delivered in this part of the West End before.
“We are delighted to be continuing our investment in Victoria with a scheme which we believe will become the destination for all looking to find the best that London has to offer in the heart of SW1.”
The head of European real estate investments at CPPIB, Wenzel Hoberg, says the scheme is in line with the company’s strategy to acquire and develop properties in the key markets and he looks forward to its completion. He is also keen to highlight both the short term and long term economic benefits to the area.
Initially around 857 jobs will be created during the demolition and construction phase and it is estimated that this workforce will contribute £500,000 per year to the local economy. When Nova Victoria is completed it will create over 5,000 jobs adding an additional £3 million per year to the economy.
The first phase of construction – 480,000 sq ft of offices, 80,000 sq ft of retail space and 170 apartments – begins this month. Nova Victoria is expected to be completed in the second quarter of 2016.
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