The proposed £450m scheme designed by Rafael Viñoly will be located near the intersection of Oxford Street and Edgware Road overlooking Hyde Park at the northern end of Park Lane with a total capacity of 408,000 sq ft. Overall, there will be 52 private apartments extended over 210,000 sq ft, 123,000 sq ft of offices, 36,000 sq ft of retail and a revamped 39,000 sq ft Odeon cinema.
According to the plans, the existing 166,000 sq ft 24-storey tower will be demolished and instead substituted by two new buildings of 17 and 7 storeys. Almacantar bought the tower in May 2011 for £80m from clients of Orchard Street Investment Management.
The taller building on the western side will have apartments and retail shops at the ground level, whereas the Eastern building will be mainly comprised of large commercial office space and shops on all of its three floors.
The current Odeon cinema with a seat capacity of 990 will be replaced by an up-market offering with 715 seats and will be situated in a built basement underneath both buildings accessible from Edgware Road.
The scheme involves the creation of new public spaces between the buildings where public art from famous and emerging artists will be displayed. New public walkways will be built to facilitate the pedestrian journey to Hyde Park.
Construction is programmed to start in 2015 following the planning consent and by 2018 will be completed.
Kathrin Hersel, Development Director of Almacantar, said: “Our plans for Marble Arch will create two timeless, beautiful buildings which will serve as a fitting gateway to Oxford Street.
“This landmark development will be a catalyst for the on-going transformation of the West End of 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.”
A separate proposal has been made by Almacantar to build a new mixed tenure housing and retail scheme at 466-490 Edgware Road with an expected gross development value of £70m. This scheme designed by Sir Terry Farrell will incorporate townhouses and apartments as well as the restoration of the disused petrol filling station.
“Our proposals for Edgware Road will accelerate the wider transformation of this part of Westminster and reinstate a retail street frontage on this part of Edgware Road for the first time since the Victorian era. Importantly, it will deliver much needed, high quality, affordable housing in Westminster – including new townhouses and 4 bedroom apartments, all of which benefit from gardens, terraces or balconies,” added Kathrin Hersel.