Update
All change at Victoria
The area surrounding Victoria station is being transformed by a series of inter-linked development projects that will make it much more than a corridor to other parts of London. By Mark Faithfull
E
xciting and Victoria are not two words that have often gone hand-in-hand. This corner of southwest London is a place where for several decades many of the GovernmentÕs civil servants have amassed in a variety of non-
descript office blocks; where commuters have scurried through on their way to work in other areas; and where tourists have disembarked en route to tourist attractions that are near, but not actually in, Victoria. Even the theatre-goers tend to head straight for their show, bemoaning the lack of a decent restaurant or bar on their short hop between station and theatre. But it might be time to put such perceptions behind us.
A long planning process and the complicated assemblage of some large chunks of real estate – ostensibly in the area next to Victoria station and towards Westminster along Victoria Street – have enabled Land Securities to put in place a master plan to create the missing Ò sense of placeÓ , says David Atcherley-Symes, retail leasing director at Land Securities. That ambition to bring purpose – and excitement –
will be realised by building and refurbishing a series of tired office blocks, revitalising the retail offer and creating new residential accommodation at different price points in this mixed-use regeneration. Land Securities also hopes its redevelopment work will act as a catalyst for further regeneration around its own projects.
The opportunity is almost unprecedented. For instance, more than 3 million visitors have come to the area to see Billy Elliot alone in the past six years. Add in tourists to Westminster and Buckingham Palace as well as the high number of professionals working in the area, all who are underserved at the moment.
Fashion credentials Cardinal Place is the first manifestation of change. A trio of buildings designed by EPR Architects, it encom- passes offices, retail, leisure and restaurant space. Opened
2006
CARDINAL PLACE Widely regarded as the most significant development to take place in Victoria for decades
2012 WELLINGTON HOUSE
Due for completion in July, this development offers 59,000 sq ft of luxury residential accommodation
2012
123 VICTORIA STREET This mixed-use office and retail space refurbishment is set for completion in August
in 2006, the scheme includes Marks & Spencer, Zara, Topshop, Monsoon and Hobbs, supported by a variety of well-known restaurant chains, but Atcherley-Symes says the fashion offer “hardly scratches the surface” of the fashion demand in the area: “Cardinal Place has been very successful and provided insight into the retail demand. As the start of the transformation, it has shown the desire for a greater retailer inspired destination and our develop- ment programme will address this.Ó Offices, retail and residential are intrinsically inter-linked. Atcherley-Symes points out that projected income from the office accommodation has given Land Securities financial headroom to be both selective and a little more adventurous with the retail mix, which means that while key national chains will be present to service the catchment’s requirements, some independent retailers will also be introduced to freshen the mix.
2013
62 BUCKINGHAM GATE This 12-storey building, due to be completed in April 2013, will offer office and retail accommodation
30
spring 2012
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