Mace has been given the green light to begin work on the Victoria Circle project in London.
Developer Land Securities recently selected the company as the main contractor for the major construction job, which will see the creation of 170 luxury modern apartments within three buildings stretched over a 5.5-acre site. It is situated directly opposite Victoria station in the heart of the English capital and once completed will be the icing on the cake for the regeneration of this part of London.
The project, which is a joint venture between Land Securities and Canada Pension Plan Investment Board (CPPIB), will play a significant role in the continued redevelopment of Victoria, in London's West End which was originally announced in February 2012. The initial phase will total 727,000 sq ft and provide 480,000 sq ft of high quality office accommodation, while 80,000 sq ft will be made up of retail and restaurants on top of the aforementioned apartments.
It is expected to cost £768 million to complete and ultimately revamp an area that is inhabited by large corporations such as Microsoft, Channel 4, the Telegraph Media Group, as well as fashion retailers such as Jimmy Choo, Tom Ford and Burberry.
Demolition work of Victoria Circle got underway in October 2012 and, following the appointment of Mace as main contractor, construction is due to begin in June 2013, with a completion date earmarked for the second quarter of 2016.
Robert Noel, Land Securities chief executive, said: "Land Securities was the first to start large-scale development after the downturn, a strategy which is generating higher returns at this point in the cycle. Today’s announcement is an extension of this strategy and a clear commitment to our on-going transformation of Victoria."
The CPPIB also added that it was "delighted" to be involved in the project and was excited for the work to get underway to significantly improve one of the most famous parts of London for future generations and also help to support key markets for the long term.
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