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LandSecs/CPPIB refine £1bn Victoria Circle plans

By Paul Norman - Wednesday, July 04, 2012 15:50

Land Securities and the Canada Pension Plan Investment Board are set to gain approval for amendments to their £1bn Victoria Circle project as the new 50:50 partners refine one of the capital’s most significant projects.

The Victoria Circle Limited Partnership formed in February to bring forward the development which comprises five buildings occupying the island site opposite Victoria Station bounded by Bressenden Place, Victoria Street and Buckingham Palace Road, SW1.

The earliest the first phase and the final two phases are expected to be delivered are 2016 and 2018 respectively. When complete, it will provide a circa 910,000 sq ft mix of houses, offices, shops and public amenities with an estimated value in excess of £1bn.

The deal saw Land Securities sell the existing properties on the 5.5 acre Victoria Circle site to the Partnership for £163m.

The buildings are let until September 2012 - the earliest date at which demolition can start. Land Securities will receive payment on 28 September 2012.

The partners, advised by Gerald Eve, have now lodged proposals for a series of small amendments to the existing planning permission dated 9 October 2009.

Due to the constraints imposed by works associated with the Victoria Station upgrade, the proposals for the Victoria Circle site were split into three separate planning applications and the current amendments relate to Permission one. These focus on land bounded by Victoria Street, Buckingham Palace Road and Bressenden Place.

The amendments include alterations to the facades and shopfronts of the two commercial buildings here, alterations to the internal layout and facades of the residential building, an increase in the number of car parking spaces and changes to the canopy over the pedestrian route.

Westminster council planners have reported that the proposed modifications are considered acceptable in land use, design highways, amenity and sustainability terms and recommends that permission is granted subject to a deed of variation to the legal agreement.

Land Securities has been appointed development manager by the Partnership and as part of this role, will be responsible for leasing all the retail and office space as well as selling the private apartments.

pnorman@costar.co.uk