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Land Securities, the development group behind the scheme, has welcomed approval for its plans from the Westminster City Council as a “huge step forward” for its efforts to overhaul a sizeable part of Victoria.
A total of 203,000 sqft of Grade A office space will be added to the London market when the dual development is completed, along with around 100 residential properties.
Lynch Architects designed the scheme that will completely revamp Kingsgate House at 66-74 Victoria Street in London’s SW1.
“Victoria is changing,” said Colette O’Shea, head of development for Land Securities’ London portfolio. “We began our transformation of the area with Cardinal Place and we are already on-site at three other schemes. Kingsgate House is another key stage in our plans to create the new West End destination.”
Construction work at the site is expected to get underway at some point in 2012, though not before spring, with completion scheduled for 2015.
Land Securities is one of the UK’s largest real estate investment trusts. Its London portfolio includes several office buildings in and around the City of Westminster, the City of London, the West End and Canary Wharf.
Back in June 2011, the company secured planning permission to develop a site at 30 Old Bailey and 60 Ludgate Hill in London, where 375,000 sqft worth of office space to rent is scheduled to be delivered by December 2013.
Editor’s notes: The redevelopment of Kingsgate House resulted in the building of two new properties – The Zig Zag Building and the residential Kings Gate building.
The Zig Zag building completed in July 2015 and offered 234,000 square feet of commercial space of which 188,000 square feet was office space and 45,000 square feet was retail space.
In 2014, it was announced that Jupiter Asset Management had agreed to rent 56,000 square feet at The Zig Building on a 20-year lease, on a pre-let agreement. The firm took floors 7, 8 and 9.
In November 2015, Deutsche Bank agreed to rent 92,000 square feet on a 15-year lease. The company took floors 2, 3, 5, 10, 11 and 12.
In January 2016, Moneycorp agreed to rent the 5th floor on a 10-year lease.
This deal meant that the office space element of The Zig Zag Building was 100% let.
The Zig Zag Building won the Best Office Building at the World Architecture Festival 2016.