Plans for a major redevelopment centred on London’s Victoria station have been approved by Westminster Council as part of a major regeneration programme.
The scheme will transform the rail, Tube and coach station into a massive new commercial and residential development, dubbed the Victoria Transport Interchange programme, offering new office space in London.
Under the initiative, 205 flats will be built, along with a complete revamp of the rail and bus stations and the development of new shops and offices.
The scheme is expected to cost in the region of £1 billion when it begins construction in 2010 and should create 8,500 jobs.
"This revised scheme will see the much needed regeneration of Victoria without adversely impacting on Westminster’s UNESCO World Heritage site, a key concern of the council," said Westminster councillor and chairman of the planning committee, Alastair Moss.
He claimed the new terminal would contribute £2.1 million annually to London’s economy once completed.
Meanwhile, figures released by Glenigan have revealed that the fall in construction activity over recent months is beginning to level off, suggesting the future of the industry could be stronger than expected this year.