Bids have been invited by developer Great Portland Estates for construction of a £500M mixed use development on a 2.3 acre former Royal Mail site near Oxford Street, London.
Planning permission was granted for the Rathbone Place scheme by Westminster City only last week, and work is to start early next year with completion by October 2016. Bidders are Mace, Sir Robert McAlpine, Brookfield Multiplex and Lend Lease. Three demolition contactors are bidding for demolition and substructure works, Careys, Morrisroe and Byrne Bros.
The Make designed scheme will include new buildings totalling 414,000 ft², plus a public space and pedestrian routes. There will be 42,000 ft² of retail space, 217,000 ft² of offices and 155,000 ft² of residential.
Buro Four has already been appointed project manager with EC Harris as cost consultant, AKT II as structural engineer and Hilson Moran as engineering and sustainability consultant.
The site has a long history as a Royal Mail sorting office, having been acquired by Great Portland Estates in 2011 and leased back to continue in its traditional role. The site has been vacant since August this year. The development is expected to be a major contributor to the regeneration of the east end of Oxford Street ahead of the opening of Crossrail in 2018.
The decision to go ahead with this scheme is a further sign of growing confidence in the property sector. Great Portland also announced this week a pre let of part of its joint venture with Ropemaker Properties at the 20 storey, 236,555 sq² development currently under construction at Blackfriars Road, London.
Image: Great Portland Estates Ltd