Huge development in the West End gets green light
A huge new commercial project to redevelop 33 Cavendish Square, just off Oxford Street in the West End, has been granted planning permission by Westminster City Council.
The redevelopment is set to deliver 800,000 sq ft of much-needed, grade A office space to the West End.
John Bushell, principal at architects KPF, said he was “delighted” to have received unanimous planning approval.
“This development will be a distinctive expression of everything that makes the West End exceptional,” he said.
Berkeley Estate Asset Management acquired 33 Cavendish Square in early 2021 from the London College of Fashion, which had previously occupied the site.
In addition to workspace, the site will host retail and conference areas, creating 1,200 jobs annually during construction and over 4,000 permanent roles once complete.
The office space is targeting best-in-class credentials, including BREEAM ‘Excellent’.
The building will be fully electric, net-zero aligned and equipped with over 1,000 cycle parking spaces, with plans including the retention of over half of the existing structure.
“This is a thoroughly modern building, designed to resonate with the best of the large buildings along Oxford Street, responding to their composition, scale and materiality.
“We carried out extensive analysis of the existing buildings to create a scheme that restores a coherent urban form and is an exemplary guardian of embodied carbon,” Bushell said.
Works are expected to commence in 2029, with completion of the development anticipated in 2033.
The West End faces a chronic undersupply of offices, with vacancy at just 1.4 per cent.
London broker Peel Hunt recently upgraded the target share price for West End property giant Great Portland Estates (GPE) as high demand for best-in-class office space is set to push up prices.
Best-in-class space are set to see a six per cent to 10 per cent rise in rents over the next year.