British Land bags West End development

 
Marion Dakers
BRITISH Land plans to build an 80,000 square foot mixed use building in Marylebone, the firm said yesterday, after buying two properties from the Portman Estate for £18m.

The developer will start to demolish the buildings on the corner of Edgware Road and Seymour Street in mid-2011.

Last week Westminster Council gave architect Bennetts Associates planning permission for the project, which includes 60,000 square feet of offices, 15,000 of retail space and an apartment block and restaurant in a separate building next door.

The cost of development is expected to be around £40m, and will include preserving the Victorian façade of the original Marble Arch House property.

Tim Roberts, head of offices at British Land, said: “We are pleased to have secured yet another great development opportunity on the Portman Estate. Marble Arch House will offer high quality accommodation at a time when supply will be limited in a West End location which is being regenerated.”

British Land has bought several properties from the family-owned Portland Estate including 2 – 14 Baker Street, which is being redeveloped.

Gareth Clutton, chief executive of the Portman Estate, said: “There was a great deal of interest in this development opportunity but British Land’s proposal eclipsed the others and we are delighted to work with them again on this their third major transaction on the Portman Estate.”