Tottenham Court Road gets set for major developments

Derwent London, the largest London-focused real estate investment trust (REIT), has now set out its timetable for major developments in Bloomsbury and Fitzrovia.

Later this year demolition and construction work will begin on 80 Charlotte Street, which are the offices of Publicis companies Saatchi & Saatchi and Starcom MediaVest.

Fitzrovia News reports that Derwent also have two smaller projects underway and due for completion later this year.

The first will be the retail scheme at Tottenham Court Walk W1 where there are plans to introduce a more interesting mix of retailers as part of regenerating 1-2 Stephen Street, and to bridge the gap with the higher value space around Tottenham Court Road station and Oxford Street.

The site was previously a colonnade with retail units occupied almost entirely by electronics shops.

The second project is a residential development at 73 Charlotte Street. This will comprise 11,700 sq ft of private apartments in nine units, as well as 1,900 sq ft of affordable housing and 1,900 sq ft of offices.

“Bloomsbury is set for more major redevelopment, which should have a positive impact on property prices,” says Wayne Lewis, manager at the Bloomsbury branch of lettings agent Portico. “Although in the short-term there will be some disruption, long-term this is looking promising for investors.”

www.portico.com