L&G break ground on luxury London residential development
Legal & General Property’s UK Property Unit Trust, and its joint venture partner, Wrenbridge, have commenced construction on their high end Westminster residential development, 67 Tufton Street.
Providing 19 apartments and three penthouses, as well as seven on site car park spaces and a concierge service, the project comprises the redevelopment of an existing 23,500 sq ft, six-storey office building.
Due to be managed by Harrods Estates, works are expected to finish in Q2 2015.
Planning permission to convert the former Post Office and Cabinet Office building was received in July 2013 following its acquisition in November 2012. EPR Architects have led the design of the scheme and McLaren Construction is acting as the construction contractor.
Chris White, director of Wrenbridge, says: “The development will provide spacious apartments full of character and charm to reflect the building’s age and historic setting in the heart of Westminster. The penthouses, in particular, benefit from stunning views of the Houses of Parliament, London Eye and Westminster Abbey, and creating quality outdoor space has been a key focus. This project is further evidence of our development specialism across all sectors.”
Simon Wilkes, head of business space development at Legal & General Property, says: “Continuing to rapidly expand our activities in the residential sector, in order to increase the UK’s supply of high quality stock, L&G is looking to participate in all areas of the housing market and across all tenures. Situated in a prime location in the centre of Westminster, when brought to the market in Q2 2015 we expect strong interest due to the setting and the character of the units.”
Launched in 2006, L&G’s UK Property Unit Trust has grown from GBP100 million to over GBP1.3 billion since inception.
BNP Paribas and Hamptons acted for Legal & General Property and Wrenbridge.
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