Developer Land Securties reports 拢533m profit for full year and confirms Mace鈥檚 appointment as 拢768m first phase begins next month
Land Securities has committed to developing its Victoria Circle scheme in west London and will begin the 拢768m first phase next month.
The developer confirmed the appointment of Mace on the job, .
Land Securities is in joint venture with Canada Pension Plan Investment Board on the project. Mace will start construction next month, with the phase due to complete in the second quarter 2016.
The first phase totals 727,000 sq ft, including 480,000 sq ftof offices, 80,000 sq ft of retail/restaurant space and 170 luxury apartments.
The scheme is the latest and largest scheme in Land Securities鈥� 15-year transformation of Victoria. By 2018 the developer will have delivered almost 3 million ft2 of redeveloped or new space in the area over the period.
Victoria Circle 鈥� designed by PLP Architecture, Benson & Forsyth and Lynch Architects - consists of six buildings with a mix of retail, residential, office and public space.
The site incorporates the entire block between Victoria Street, Bressenden Place and Buckingham Palace Road.
The Victoria Palace Theatre, situated at the South-east corner of the site, will be retained. The theatre was built in 1911 and has been showing Billy Elliot the Musical since 2005.
Land Securities also announced its full-year financial results to 31 March 2013 and a 3.4% rise in pre-tax profit to 拢533m.
The developer 鈥� which has been more bullish than most of its competitors 鈥� said its 鈥渄evelopment window remains open鈥�.
Land Securities chief executive Rob Noel said: 鈥淥ur strategy to focus on developing early in the cycle led to success at Trinity Leeds and Buchanan Street, Glasgow which both opened their doors close to fully let in March.
鈥淚n London, 20 Fenchurch Street is now 56% pre鈥憀et or in solicitors鈥� hands, a year ahead of completion, demonstrating clear demand for the right space in the right location.
鈥淥ur development window remains open. A strong balance sheet combined with discipline in recycling capital allow us to take advantage of that window, as shown by our announcement today to commit, with our partner CPPIB, to the 拢768m first phase of Victoria Circle, a mixed-use development in London鈥檚 West End.
鈥淭here has been no let up in the pace of our activity in the new financial year and I am confident of delivering success.鈥�
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