Property giant Great Portland Estates recently confirmed its involvement in seven major residential and commercial building developments which will soon start in London.
In July, for example, the company received planning permission for their redevelopment of Marcol House in Regent Street and a residential scheme in Newman Street. The Marcol House redevelopment scheme will comprise 102,000 square feet. Independent.co.uk has reported that demolition work in preparation for these new projects began in early July and the company said that practical completion is anticipated for 2012.
Great Portland also entered a joint venture with Brookfield Properties ? the 100 Bishopsgate Partnership. This venture will focus on a major City development, with a potential start date in 2011, subject to partner approvals.
According to the Construction Enquirer website, Great Portland?s future will not be quiet either. The company will continue with discussions regarding their Hanover Square masterplan proposals with Crossrail. The report stated that they had received favourable responses from a number of stakeholders. According to expectations, the company will be submitting a planning application for the area later this year.
Over the next two years, Great Portland Estates will be planning development schemes at Oxford Street, Wigmore Street, and Regent Street. According to the report, the current combined development plans could result in 1.6 million square feet of constructed space across London by the end of 2011. This would include a significant amount of increased rental property.
A Great Portland spokesperson commented: “Detailed design and specification studies have identified project improvements which could allow an increase in lettable area up from 815,000 square feet to approximately 860,000 square feet.”
steve