Construction is planned to start in 2015 on a £520 million redevelopment of the landmark 24 storey Marble Arch Tower at the western end of London’s Oxford Street overlooking Hyde Park.
Developer Almacantar plans to demolish the 82m high building which currently provides 173,000 sq ft of mixed use space and replace it with two lower buildings, one of 17 storeys and the other seven storeys to create 400,000 sq ft of mixed use space. The new development will include 52 luxury apartments, 1,230,000 sq ft of offices, an Odeon cinema and 36,000 sq ft of shops and restaurants.
Sir Robert McAlpine has been providing pre construction services on a fee basis as Almacantar prepares its formal planning application for the development. Construction is expected to take until 2018 to complete.
Almacantar, which is headed by Mike Hussey who previously led Land Securities and Canary Wharf Group, says the site is a very complex one with physical, legal and planning issues that have had to be unravelled to allow development. Almacantar development director Kathrin Hersel said: “Our plans for Marble Arch will create two timeless, beautiful buildings which will serve as a fitting gateway to Oxford Street, improving the streetscape for the 15 million people who pass through Europe’s busiest shopping thoroughfare each year, as well as creating a world class residential and office scheme in a prestigious, central London location.”
Almacantar is also the developer behind the refurbishment of Centre Point at the other end of Oxford Street where planning permission has been granted for its transformation from offices to 82 apartments with a swimming pool, spa and fitness centre and a new façade. An adjoining building and a bridge linking them will be redeveloped to create some 41,780 sq ft of retail and restaurant space and more affordable apartments around a proposed new public square.