Great Portland Estates (GPE) has received planning for an ambitious Â£350m plus London office led mixed-use redevelopment.
Westminster City CouncilÂ has given the central London-based property investment and development firm permission to build the huge 2.3 acre project at Rathbone Place, W1.
Designed by the architect Make, the mixed-use scheme will be built on the site of a former post office and will feature a number of London offices across 217,000 sq ft of office space as well as shops and 162 homes. In total, the development will spread across more than 414,000 sq ft.
GPE portfolio director, Neil Thompson, said: “We are delighted to have received support for our scheme from Westminster, with whom we have worked very closely over the last two years.
“Rathbone Place will be one of the West End’s most exciting new developments and is one of several projects GPE are working on for delivery over the next few years.”
GPE actually acquired the site back in November 2011 for a reported Â£120m. It then leased the property back to the Royal Mail Group, which has since vacated the building.
Work on the development is expected to begin in 2014 and be completed by 2016.
Great Portland Estates is a FTSE250 property and investment firm based in central London. According to the latest figures from its site, it now owns more than Â£2.3bn of commercial real estate.
By: Kirsty MacGregor
News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office, retail and leisure space.