Land Securities Develops Residential Property Instead of Commercial Offices

There is a greater flexibility about the recovery in the market with more of an open mind from developers as to how to use buildings. For example, Land Securities is planning to convert its 26 storey Portland House, Victoria into high worth residential accommodation instead of offices. It is seeking designs from architects for residential use in the 27,870 sq.metres (300,000 sq.ft.) property. Land Securities has already tasted success with the conversion of Wellington House, Buckingham Gate into 59 flats designed by john McAslan and Partners which have been pre sold to investors in the Far East. Apart from anything else, this proves the continued demand for central London residential properties which has been such a strong feature of the recent recovery of commercial property markets.

Apart from more residential use, conversion into hotel use has been popular for some time. The latest is Soho Estates’ plans to turn the Queens House, Leicester Square into an 84 bedroom Premier Inn for Whitbread in a £6 million plan. In fact the property was built in the 1890s as a hotel and currently has a casino, restaurant and nightclub. These will be retained. The hotel will open in 2012 and fits with Westminster Council’s policy of improving the area. Soho Estates is owned by the family of the late nightclub tycoon, Paul Raymond.

The London Commercial Property Register

The London Commercial Property Register is a leading UK business property publication from Martin Austen Publishing. The aim of the publication is to offer a simple and effective means of finding Offices Space in London, Serviced Offices in London and commercial property in London. You can also find the latest commercial property news for the London region.