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Nova - Victoria London SW1

Land Securities PLC appointed JPW Real Estate to provide development consultancy advice on its’ Nova Victoria project in 2003.

The role was initially to identify and acquire all legal and occupational interests in a 2.5 hectare site bordered by Victoria Street, Bressenden Place and Buckingham Palace Road that were not in Land Securities ownership.

JPW Real Estate provided a site assembly strategy and budget, and set about the task of acquiring various freehold and leasehold interests. We provided estimates of the level of tenant compensation and worked towards the objective of delivering a vacant site by the target possession date.

JPW Real Estate also provided financial appraisals and cash flow modelling, coordinating the inputs from an extensive professional team.

The project involved a detailed interface with Transport for London who are upgrading the Victoria station and who require the assistance and cooperation from Land Securities PLC in order to deliver this important transport upgrade.

Planning consent for a comprehensive mixed use scheme was granted in February 2009 and the site possession date is set for September 2012. The £1.1bn development will provide 1,400,000 sq ft of new accommodation including 900,000 sq ft offices, 140,000 sq ft of shops, cafes and restaurants, 170 private and 35 affordable residential units together with a new library for Westminster City Council.

Westminster City Council has resolved to use Compulsory Purchase powers to complete the site assembly and only a limited number of interests remain to be acquired to facilitate the project commencement.

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© 2010 Millar Hare

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