Portland House is in Victoria
(Picture: Landsec)One of the UK’s largest listed property developers has started a major revamp of a central London tower, in a vote of confidence in the post-pandemic office market.
FTSE 100 company Landsec is now on site with the refurbishment of Portland House, which is in Victoria where the firm has done several large developments. The estimated total development cost of the latest project is £380 million.
Planning permission is in place for a 300,000 square feet Buckley Gray Yeoman-designed scheme which includes a new double height reception on Bressenden Place, a refurbished façade, new windows throughout and a level 30 rooftop extension.
It has been designed to be net-zero in both construction and operation, and the completed building will be fully electric throughout and powered by air source heat pumps, with energy derived from fully renewable sources.
Confidence to invest comes despite many businesses embracing working from home. Developers think there is enough demand from employers that want sustainable offices, even if staff are only in them for a few days a week.
The update comes after Landsec last month said its latest Victoria office building, n2, is already 66% pre-let ahead of completion later this year.
Oliver Knight, the firm’s head of workplace, said: “We’ve seen clear demand for high quality office space in prime London locations which have great transport links and easy access to retail, leisure and entertainment.”
The Portland House project will complete at the earliest by Summer 2025.
