INDUSTRY NEWS

Land Sec invests in recovery

Land Securities, the largest property developer in Europe, has confirmed it will be making a series of major new investments in order to take advantage of the forecast pickup in the London office space market.

The REIT will be spending more than £650 million on three developments in London’s West End. The largest, Park House on Oxford Street, will be a mixed-use scheme including offices, residential and retail space, totalling around 300,000 square feet. Work on the development will start this year and completion is scheduled for late 2012.

The other two projects are in Victoria and are smaller residential and mixed-use schemes, and are scheduled for completion in 2012 and 2013 respectively. Land Sec is the first big property developer to state their intention to roll out major new plans, leading expectations for others to do the same as prospects in the City brighten.