British Land will has agreed an £18M deal to buy a site near London’s Hyde Park to redevelop for offices, shops and luxury apartments.
The Portman Estate has agreed to sell the Marble Arch House site, which situated on the corner of Seymour Street and Edgware Road, round the corner from Oxford Street and Hyde Park. The existing site consists of two mixed-use five storey buildings which will be knocked down.
The new development, which has detailed planning consent, has been designed by Bennett’s Associates Architects. It will consist of 5,574m2 of office accommodation and 1,393m2 of retail space.
Next to the new office block will be a development of 10 luxury residential apartments with a restaurant unit at ground level built behind the retained period Victorian facade of 62-64 Seymour Street. Excluding land and interest, the total cost of development is expected to be around £40M.
Demolition and ground works are expected to start in the summer, with practical completion scheduled for mid 2013. Once finished, British Land will be granted a new 125-year lease on the commercial element of the development and a separate long lease on the flats.
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.”