16th Oct 2013 06:40
LONDON (Alliance News) - Great Portland Estates plc. (GPOR.L, GPEAF.PK) announced Wednesday that it has received resolution to grant planning permission from the City of Westminster or WCC for its proposed development at Rathbone Place, W1.
Designed by London architects MAKE, the proposals for the 2.3 acre former Post Office site are a comprehensive development to provide new buildings totaling 414,000 sq. ft., which will include a new public square and new pedestrian routes linking Rathbone Place, W1 and Newman Street W1, together with 42,000 sq. ft. of retail space, 217,000 sq. ft. of offices and 155,000 sq. ft. of residential in 162 units.
The company acquired the site in November 2011, leasing it back to Royal Mail Group, who vacated in August 2013.
The company noted that it plan to start work on Rathbone Place in 2014 for completion in 2016 and the development will be a major contributor to the regeneration of the East End of Oxford Street, ahead of Crossrail opening in 2018.
Copyright RTT News/dpa-AFX
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