Land Securities and its joint venture partner Canada Pension Plan Investment Board (CPPIB) have appointed Mace as main contractor to deliver the £768m first phase of the Victoria Circle project in London’s West End.
The 727,000ft² initial phase of the development will feature 480,000ft² of office accommodation, 80,000ft² of retail/restaurant space and 170 apartments within the three buildings.
After completion, Victoria Circle will crown the recent re-development of the area around Victoria station.
CPPIB senior vice president Graeme Eadie said: "Victoria Circle supports CPPIB’s real estate strategy to own and develop properties in key markets for the long term."
Mace’s contract is worth £380m, which follows two years of project preconstruction advice along with implementation of utility diversions works, enabling works.
Construction on the first phase is scheduled to commence in June 2013 and is expected to be complete in the second quarter of 2016.
Victoria Circle is a 897,000ft² mixed-use development featuring 603,000ft² offices, 85,000ft² retail, 193,000ft² residential, 16,000ft² community space and 173 car parking spaces.
The development will also feature five new buildings occupying the island site surrounded by Victoria Street, Buckingham Palace Road and Bressenden Place.
The project will be delivered in phases with three separate planning permissions covering the 5.5-acre site opposite Victoria station.
Land Securities said phases two and three phases will not start until London Underground completes works on the Victoria station Upgrade and return some of the land, which is expected to finish in the third quarter of 2016.
The masterplan has been designed by PLP Architecture, which is also the architect for three commercial buildings.
Benson & Forsyth and Flanagan Lawrence will deliver the statement residential building facing Buckingham Palace Road.
Lynch Architects is responsible for thee mixed-use civic building facing Victoria Street.
The site is being developed by the Victoria Circle Limited Partnership, a 50:50 joint venture between Land Securities and CPPIB.
Land Securities is the development manager for the project and will be responsible for leasing the retail and office space as well as selling the private apartments.
The entire project is anticipated to be complete by the third quarter of 2018.
Image: Upon completion, yhe Victoria Circle development will feature 603,000ft² offices, 85,000ft² retail and 193,000ft² residential space. Photo: Courtesy of Land Securities.