Shaftesbury PLC, (LON: SHB) the Real Estate Investment Trust that owns a 15.1 acre portfolio in the heart of London’s West End, announced today that Westminster City Council’s Planning Committee yesterday evening resolved to grant consent for the Group’s application for its major scheme at 72 Broadwick Street, a 1970s mixed-use building in the heart of Carnaby.
The consented scheme provides for:
· new retail, restaurant and leisure uses;
· relocating the entrances to the upper floors to allow activation of the ground floor frontage on Broadwick Street, at the eastern entrance to Carnaby;
· extension and refurbishment of the remaining office space;
· reconstruction of the residential accommodation, increasing the number of apartments from eleven to fifteen;
· external amenity space for residents and office occupiers at roof level; and
· extensive improvement to the external facades.
The estimated cost of this 70,000 sq. ft. scheme is £32 million. Works are expected to start in September 2019, and complete in late 2021. Existing retail space fronting Carnaby Street, extending to 13,900 sq. ft. will be largely unaffected by the scheme.
The innovative re-purposing and refurbishment of this landmark building, which occupies an island site of 0.5 acres fronting Carnaby Street, will deliver much-improved commercial and residential accommodation as well as major sustainability and aesthetic benefits. The creation of new retail, restaurant and leisure space will add to Carnaby’s world-renowned reputation as the liveliest destination in London’s West End.