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A few days ago Almacantar were granted planning permission to knock down Marble Arch Tower and replace it with two new towers of mixed use purposes. The existing tower has been there since 1967 and has provided a large amount of office space to the area, which in the current market is going to be sorely missed as the tenants will now have to leave the tower by the end of this year and re-locate across London.
The planned development will be broken into two separate towers, one of 7 storeys and the other of 17 storeys. The tallest tower will house the planned 53 flats, multi-screen Odeon Cinema and will provide part of the 36,000 sq. ft. of retail space. The smaller tower will be home to the 123,000 sq. ft. of commercial office space and will provide space for the remaining retail units and will include a flagship unit of up to 15,000sq ft.
Almacantar were also granted permission for another mixed use scheme at 466-490 Edgware Road which will house the substantial housing dwellings which have to be accounted for. The scheme, designed by Sir Terry Farrell, will produce 76 townhouses and flats with 47 of these affordable. Alex Goode from Morgan Pryce feels in the long term this will produce substantial benefits to the area providing much needed residential and commercial office space whilst also updating a very dated building with two new state of the art towers along with retail units.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.