AXA Real Estate starts construction of The Department in London’s Victoria
AXA Real Estate Investment Managers has received planning consent from Westminster City Council for a major mixed use redevelopment on Wilton Road, London.
The development will create 150,000 sq ft (c.13,935 sq m) of office, residential and retail space across nine storeys, opposite Victoria station.
The building, which was occupied until November 2013, is managed by AXA Real Estate on behalf of one of its clients.
The scheme, branded ‘The Department’, has been designed by the international design consultancy SPARK and aims to add to the on-going transformation of Victoria as one of London’s prime commercial and mixed use districts. AXA Real Estate has already started the strip out and construction works, with completion due late in 2015.
The Department will comprise c.100,000 sq ft (c.9,290 sq m) of office space benefitting from floor to ceiling glazed bay windows. The new office space will be accessed from a new office entrance on Wilton Road, directly opposite Victoria station. The internal space has been designed with complete flexibility to suit a range of occupiers and is intended as a counterpoint to the more traditional space in the local market. The ground floor areas will provide retail space.
In line with mixed use planning policies, the top three floors of the building will comprise 14 apartments. These will be held and rented out as part of AXA Real Estate’s increasing move towards creating a development track record in the private residential sector.
The development is in line with AXA Real Estate’s comprehensive sustainability policy, by reusing the existing concrete structure and targeting BREEAM Excellent and Code for Sustainable Homes level 4.
Including this development AXA Real Estate will have undertaken five major office developments in London comprising over 1 million sq ft (over 92,900 sq m) in the past three years.
Harry Badham, head of UK development at AXA Real Estate, says: “Having worked closely with the local planning authority to design a scheme that will dramatically improve the building by creating a highly sustainable prime new office, residential and retail destination, we are very pleased to push ahead with our plans for the development of The Department. This project is another example of how we aim to create value from our long term portfolio by utilising AXA Real Estate’s development expertise.”
Max Titchmarsh of SPARK says: “We are very excited to be leading the design of this scheme which is an exciting opportunity to comprehensively upgrade the building and create a bold new landmark.”
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