AXA Real Estate Investment Managers, advised by Gerald Eve, has secured planning permission from Westminster City Council for a mixed-use scheme on Wilton Road, opposite Victoria station.
The building, which is managed by AXA Real Estate on behalf of a client, was occupied until November 2013; following the granting of planning permission it will be redeveloped to create 150,000 sq ft of office, residential and retail space across nine floors. AXA Real Estate has started strip-out and construction works, with the scheme – branded ‘The Department’ – due to complete in late 2015.
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.
Neil Lawrence, a partner in Gerald Eve’s planning and development team, said: “The area around Victoria Station is rapidly changing for the better and The Department will be an important part of this transformation. The City Council’s decision to give the green light to the proposals reflects not only the quality of the scheme but also its importance within the local context and it promises to be a very positive addition to Victoria’s offer.”
Harry Badham, head of UK development at AXA Real Estate, said: “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.”