Mixed-use scheme on Victoria circle site worth £1bn

Developer Land Securities has partnered with the Canada Pension Plan Investment Board to fund development of its Victoria Circle site in London into a £1bn mixed-use complex.

Land Securities sold the existing property on the 5.5 acre site to the new joint venture partnership for £163m.

The completed development opposite London Victoria station will include 910,000ft2 of residential, office, and retail with a value of over £1bn.

Robert Noel, managing director of Land Securities’ London portfolio, said: “Having signalled our intention to seek a partner on this project, we’re delighted to have teamed up with Canada Pension Plan Investment Board.

“Victoria is changing, and the transaction is a great vote of confidence in our plans for this part of the West End.”

Demolition on the site is due to start later this year.