Planning consent has been granted for a £32m redevelopment at Broadwick Street in London’s fashion conscious Carnaby district.
The redevelopment of the 1970s mixed use property includes new retail, restaurant and leisure uses, extension and refurbishment of the office space, reconstruction of the residential accommodation to provide four additional apartments plus external improvements and new amenity space. Work is expected to start in September for completion in 2021.
Developers Shaftesbury PLC,
who own a 15 acre portfolio in the West End,
say of the scheme: “The innovative re-purposing and refurbishment of this
landmark building, which occupies an island site of 0.5 acres fronting Carnaby Street,
will deliver much-improved commercial and residential accommodation as well as
major sustainability and aesthetic benefits. The creation of new retail,
restaurant and leisure space will add to Carnaby’s world-renowned reputation as
the liveliest destination in London’s West End.”
Owning property in London’s West End is, and has been for decades, considered something of a cash cow. However, schemes of this kind – which is one of many in the area at the moment – show that the prime central London market never stands still and property here demands constant redevelopment and reinvestment.