British Land secures Marble Arch House development
British Land yesterday announced it had agreed with The Portman Estate to buy and redevelop the Marble Arch House site in London’s West End. It has detailed planning consent for a development of office space, retail premises and luxury apartments on the site, for which it will pay £18m on receipt of vacant possession.
The site is on the corner of Seymour Street and Edgware Road and currently comprises two mixed-use buildings. Bennett’s Associates Architects has designed the new development, which will contain 60,000 sq ft of offices, 15,000 sq ft of retail space and a 5,000 sq ft restaurant on the ground floor as well as the ten flats.
The total cost of development (excluding land and interest) is expected to be around £40m, British Land said. It plans to start demolition and ground works in mid-2011, and has scheduled practical completion for mid-2013. Once the project is complete, British Land will be granted a new 125-year leasehold interest on the commercial part of the development and a separate long leasehold on the apartments.
Commenting on the acquisition, Tim Roberts, Head of Offices at British Land, said: “Marble Arch House will offer high quality accommodation at a time when supply will be limited, in a West End location which is being regenerated.” CBRE acted for The Portman Estate and Cushman & Wakefield for British Land.
