Land Securities to develop luxury new homes in Victoria
A landmark office tower in London Victoria will be converted into luxury new flats, after planners approved the scheme.
Land Securities has appointed Mace to convert the 101m high Portland House office building into 206 luxury apartments.
Colette O'Shea, head of development for the London Portfolio, told the press: "By completely remodelling the building, we will provide a residential building of exceptional design and quality which will include facilities for its residents.
"This is the latest and largest of our residential development projects, which will have a hugely beneficial impact on the whole of Victoria."
Victoria is currently undergoing major transformation into a smarter district, thanks to large-scale investment.
Old rundown shops and offices are being replaced by fashionable high-street brands, designer boutiques, Grade A offices and a pleasant mixture of contemporary apartments.
"The improvements being made to Victoria, particularly Victoria Street, and the increase in new commercial space is attracting new high street brands and restaurants," said Ed Mead of Douglas & Gordon estate agents.
Tom Eshelby, director of Land Securities, believes that shrewd investors should consider snapping up properties in Victoria, including new homes, where prospects for capital growth look highly positive.
The Land Securities director reports that that while homes in neighbouring areas like Knightsbridge and Belgravia are fetching up to £5,000 sq ft, residential properties in Victoria are selling for significantly less, at around £1,600 sq ft. But that could soon change.
"Prices in Victoria are set to rise by 40-50% by 2016," said James Simpson, chairman of property investment firm, Derrington Group.