LandSec Change their Tune from Office to Residential.

Following a number of recent moves by Land Sec to convert more of its central London portfolio into flats, the UK’s largest commercial property company has turned its back on its original redevelopment scheme for their Victoria landmark Portland House SW1.  Land Sec is now planning to convert Portland House, one of its best known central London office buildings into residential in a continuing shift towards high end residential from its traditional office bias.

Portland House, the 1960’s office block, was a key part of Landsec Victoria Interchange proposal which intended to create a $1bllion mixed use scheme around Victoria station, but this was dropped when Landsec received criticism from Westminster Council about their plans for a 14 storey office tower at Portland House.

In their highest profile move yet Land sec are inviting architects to submit ideas for the 300,000 sq Ft block, before making an appointment, with Land Sec’s London Portfolio managing director Rob Noel confirming that plans would be submitted to Westminster Council next year.

The current plans come on the back of the success of another residential scheme in the REIts 9.7m Sqft central London portfolio, whereby almost all of the 59 flats in its $55m John McAslan & Partner designed overhaul of Wellington House on Buckingham Gate, Sw1 have been presold to far east investors.