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19/01/2010

Land Securities Begin £665m Development Programme

Land Securities has today announced the start of a £655 million West End development programme with construction contracts agreed for three schemes, all due to complete by the Summer 2013.

Park House, the largest development on Oxford Street for 40 years, along with Wellington House and Selborne House, two schemes in Victoria, will start on site this year with completions scheduled for November 2012, July 2012 and 2013 respectively.

In delivering these office, retail and residential spaces, Land Securities will take advantage of anticipated rising demand for West End offices, correctly configured space for retailers and meet a requirement for premium residential accommodation in the capital.

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Colette O’Shea, Director of Development for Land Securities London Portfolio, said: "To be the first major developer to state publicly that we are starting to deliver such a substantial development programme, demonstrates our financial strength and development capabilities as well as our confidence in the West End market. This significant investment will create new jobs and also deliver shareholder value.

"These three schemes, all designed by leading architects, will really make a difference to the West End and demonstrate our consistent commitment to the future of London through investment and thoughtful design."

(CD/GK)

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