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The scheme will see the existing tower, constructed in 1967, demolished and replaced with a apartments offices, shops and new cinema as well as new public realm space.
The development will create a new destination for residents, workers and visitors at this important gateway site in the West End.
Marble Arch has long been seen as one of the best development opportunities in the West End at the corner of Oxford Street and Edgware Road. It is highly complex and its ownership has not offered the opportunity to develop prior to Almacantar's purchase. It will benefit from spectacular, uninterrupted views overlooking Hyde Park.
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Kathrin Hersel, Development Director of Almacantar, commented: "This development will create two timeless, beautiful buildings which will become a new landmark for the West End. Our plans will deliver world class residential, retail and office space in a prestigious setting overlooking the finest of the Royal Parks."
The plans for the development include:
• a new, improved multi-screen Odeon cinema
• 123,000 sq. ft. of modern flexible office space totalling
• 36,000 sq. ft of new world class shop units
• 53 private apartments
The two new buildings will be 17 storeys and 7 storeys. The taller, Western building will include residential apartments and shops and cinema at ground level, while the Eastern building will be dedicated to commercial office space and shops on lower ground, ground and first floors.
Almacantar has also received planning permission for a new mixed housing and shopping scheme at 466-490 Edgware Road, including a substantial affordable housing component.
The development will include 76 townhouses and apartments of which 47 will be affordable housing. The scheme will also see the reinstatement of the disused petrol filling station – marking the first new petrol station in London for over 10 years.
(CD)
