footfall too. For instance, there were more than 400,000 paying visitors to Buckingham Palace for its summer season in 2010.


Ò In many ways Victoria is a little bit like the City of London used to be,” reflects Atcherley-Symes. “Until some strong retail, restaurant and bar brands moved in, the City used to be empty by 7pm. Victoria has great demographics but it is very much chicken and egg, if you can provide the right services then people will stay or come in from further afield. Improving the office tenant mix and attracting companies like Google and the big fashion brands helps to bolster that demand. So retail, residential and office development all support each other creating a sense of purpose for the area.”


Go with the flow


Next on the development programme is Kingsgate House, which Land Securities hopes to take vacant possession of later this year. This long block will feature office, residential and retail space, with plans to turn it into two new buildings including shops and restau- rants, and 102 apartments. Completion is due in 2015. Atcherley-Symes says: “At the moment the flow very much runs along a corridor between Victoria and Westminster. With the new developments we are creating flows to the north and south which will help to increase the flow of people further into Victoria.” The final parts of the jigsaw see redevelopment


With the likes of Google, Microsoft, Channel 4, Tom Ford, Richemont, LMVH and Burberry all in the area, Land Securities wants Victoria to retain its own ambience Ð it scored a coup in January when iconic footwear brand Jimmy Choo signed up for a new head office at 123 Victoria Street.


Indeed, 123 Victoria Street is next on the regeneration


list Ð aside from the Wellington House luxury residential block, which completes in July Ð after a comprehensive refurbishment started in 2010. The scheme includes significant retail at street level with completion in August.


The redevelopment of 62 Buckingham Gate, which


also commenced in 2010, is a 12-storey building offering offices and complementary retail and due for completion in April next year.


Close to the massive tourist draws of Buckingham Palace and several royal parks, there is ready-made tourist


2015


KINGSGATE HOUSE Plans are in place to split this block into two buildings for offices, shops, restaurants and residential space


2016


VICTORIA CIRCLE (PHASE 1) Phase 1 comprises three buildings for offices, retail and residential accommodation


2016-2018


VICTORIA STATION UPGRADE The upgrade is to significantly improve journeys, with work including a new underground north ticket hall


focus immediately around the station. The train station, tube and nearby Victoria Coach Station also provide significant footfall in the area to support this transformation.


The new developments will help increase the flow of people further into Victoria David Atcherley-Symes, Land Securities


Firstly, phase 1 of Victoria Circle is a 5.5 acre island directly opposite the main entrance to the station, which will create a major new destination for retail accompanied by a residential offer. Completion is due in 2016, while phase 2 is due to start following the completion of London Underground’s north ticket hall works in August 2016. This will comprise offices, a library, 35 apartments and revitalised retail due to be completed in 2018.


Atcherley-Symes does not rule out further property acquisitions as the redevelopment gathers momentum and adds: “Victoria offers great connections to the rest of London, a more affordable alternative to the City and West End and a place with its own personality. The retail and food offer is going to be a key element of that and we hope it will encourage other retailers to up their game or make Victoria their new home.” l


2018


VICTORIA CIRCLE (PHASE 2) Phase two will comprise two buildings for offices and retail space plus 35 apartments and a library


spring 2012


31


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