British Land has bought Marble Arch House in West London from Portman Estate.
The company is paying the present owners, £18m for the development site. The purchase agreement consists of two 1930’s five-story buildings close to Hyde Park, on the corner of Seymour Street and Edgware Road.
British Land will be building a new 100,000 sq. ft. retail and office space scheme and have planning permission to knock down the two properties to replace them with a new scheme, featuring 60,000 sq. ft. of London office space, retail space, and luxury residential apartments.
Designed by Bennett’s Associates Architects, the project is estimated to cost £40m in total (excluding land and interest).
According to the Construction Enquirer, Tim Roberts, head of offices at British Land commented: “We are pleased to have secured yet another great development opportunity on The Portman Estate.”
Demolition and ground works are expected to start in mid-2011 with completion scheduled for mid-2013. On completion of the development, British Land will be granted a new 125 year leasehold interest on the commercial element of the development and separate long leasehold on the residential units.
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