The firm has paid the previous owners, Portman Estate, £18m for Marble Arch House and plans to demolish the existing 1930s buildings this summer to make a start on the office and luxury apartment blocks due to rise in its place.
The new development, which has detailed planning consent, is expected to cost £40m to build and has been designed by Bennett’s Associates Architects.
The project aims to surpass Part L carbon emission requirements by up to 40%.
The acquisition of Marble Arch House swells British Land’s central London office development programme, now on course to deliver 2.2 million sq ft of high quality space in London by 2014.
- 700,000 sq ft building for UBS at Broadgate
- 610,000 sq ft Leadenhall Building in London’s insurance district
- 500,000 sq ft NEQ building, which will complete the Regent’s Place estate in the West End
The aggregate development cost of these projects, including land and interest is expected to be £1.6bn.
Tim Roberts, head of offices at British Land said, “We are pleased to have secured yet another great development opportunity on The Portman Estate.
Gareth Clutton, chief executive of The Portman Estate, said: “There was a great deal of interest in this development opportunity but British Land’s proposal eclipsed the others and we are delighted to work with them again on this their third major transaction on The Portman Estate”