INDUSTRY NEWS

Nova, Victoria scheme to add 603,000 sq ft of London offices to area

Land Securities and Canada Pension Plan Investment Board (CPPIB) have today (June 10) announced the next part in their major redevelopment of Victoria in the heart of London’s West End.

The scheme, called Nova Victoria – formerly known as Victoria Circle – is being marketed as an aspirational place to ‘work, live eat, drink, shop and enjoy’.

Among the developments in the 897,000 sq ft scheme, will be 603,000 sq ft of prime London offices as well as 193,000 sq ft of apartments and 85,000 sq ft of retail area.

The project has been developed by a collaboration of architects. PLP Architecture designed the overall masterplan and is architect for the three commercial buildings involved in the scheme. Benson & Forsyth, Flanagan Lawrence and Lynch Architects are also included in various parts of the development.

Construction on the first phase of the scheme is scheduled to start later this month and will include construction of 480,000 sq ft of London offices, as well as 80,000 sq ft of retail and 170 apartments.

It is due for completion in the second quarter of 2016.

Land Securities head of London development, Colette O’Shea, said: “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.”

CPPIB, managing director and head of real estate investments, Wenzel Hoberg, said: “Nova, Victoria represents a transformative and exciting development in an iconic area of London’s West End and will deliver significant economic benefits to the local and wider community throughout its development.

“Nova, Victoria supports CPPIB’s real estate strategy to own and develop properties in key markets for the long term and we look forward to its completion.”

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