Property firm Land Securities has secured planning permission from the UK government to start the £350m Kingsgate redevelopment in Victoria, London.
Land Securities will start redeveloping the former Kingsgate House on Victoria Street, SW1 in November 2012.
The announcement follows the UK government’s change to planning laws in relation to community infrastructure levy (CIL) regulations.
Designed by Lynch Architects, the scheme will replace an existing office block with two new buildings: The Zig Zag and Kings Gate.
The Zig Zag is a 14-storey, 190,000ft² office building and Kings Gate is a 12-storey residential building that will feature 100 apartments.
Both buildings will have 45,000ft² of retail space along with a courtyard surrounded by new shops and restaurants.
The development will contribute £11.6m for affordable housing, which will be directed towards the provision of affordable development in the Westminster area.
Land Securities chief executive Robert Noel said that the UK Government’s decision to remove some of the uncertainty in the planning process enables the company to progress with developing the former Kingsgate House site and continue to transform Victoria into a new West End hub where people choose to live, work and visit.
"Despite the uncertainty in the wider economy, we continue to invest in the UK based on our clear plan to build space where we see demand," Noel said.
The Zig Zag and Kings Gate buildings are expected to complete in summer 2015.
In November 2011, Land Securities secured planning approval from Westminster City Council in the UK for the redevelopment scheme.
The new development forms part of Land Securities’ regeneration and investment in Victoria SW1.
Prior to the new development, Land Securities refurbished 123 Victoria Street, providing 199,000ft² of offices, Wellington House, featuring 59 residential apartments and 62 Buckingham Gate, providing 278,000ft² of new retail and office space.
Image: The scheme will replace an existing office block with two new buildings. Photo: Land Securities.