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It’s no secret that residential space is fighting back – and winning – against commercial office space when it comes to value, reflected in the revised planning application submitted by British Land in respect of its Clarges Estate site. The land, bought by British Land last year, in an earlier planning permission had 63,000 square feet of residential space allocated, but the recent plans increased this to 94,000 square feet. The office space, on the other hand, has been reduced from 91,000 square feet to 47,500 square feet.
If approved, the residential aspect will comprise 36 apartments over nine floors, and will overlook Green Park. The office space will be situated on the site’s ground floor and over six new storeys.
Demolition of the site, which takes up almost an acre, would commence towards the end of this year and the beginning of next, with completion in stages anticipated up to 2017.
Tom Lax, surveyor with Morgan Pryce, comments, “This potential development is an indicator of how the residential market is seen as a good bet, and hopefully shows that new projects are on the rise – in all senses of the word.”
British Land’s head of offices, Tim Roberts, said, “This is a complex project involving detailed site assembly and reconfiguration, but our core development skills have delivered an exciting outcome for this important area of London.”
Despite previous planning permission having been granted, the considerable change in the proposals means that the current planning process will involve substantial public consultation.
Morgan Pryce is 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.