Developer Land Securities has awarded contracts for three major office jobs in the West End of London, with a combined construction value of £345m.
Mace, Wates, and Sir Robert McAlpine are the construction companies who will progress the projects.
In an interim management statement released this morning, the firm said “we expect good rental growth to emerge in the West End office market, and we will be the first to start large-scale development in this sector. We are in the process of placing construction contracts on three major developments.”
The schemes are:
Park House, Mayfair, W1. Mace has been awarded this project, which covers an entire city block of just over an acre on a prime Mayfair site with frontage onto Park Street, North Row and Oxford Street. The scheme will provide 165,000 sq ft of offices, 90,000 sq ft of retail and 60,000 sq ft of residential in 39 units. The total construction cost of the scheme is £185m. Construction will begin in May 2010 for delivery in late 2012.
Wellington House, Buckingham Gate, SW1. Wates has won the new Wellington House scheme, a residential development of 60,000 sq ft providing 59 units. The total construction cost is £30m. Demolition will begin in April 2010 for delivery in mid 2012.
Selborne House, Victoria Street, SW1. Sir Robert McAlpine has taken this scheme, which will provide 250,000 sq ft of office accommodation, together with street-level shops and restaurants. The total construction cost is £130m. The programme for start on site is still being finalised, but Land Securities expects the scheme to be completed in 2013.
In November, Land Securities received full planning consent at appeal for a one million sq ft mixed-use development of Arundel Great Court, WC2.
The developer's chief executive Francis Salway said: "The business continues to perform well against our operational targets and we are pleased that our portfolio is proving its appeal to occupiers with ongoing lettings, while our financial strength allows us to be first off the block with our London development programme."