Work began on the Marble Arch Tower earlier this month, reports Telegraph.
“We will demolish everything there, because it’s not a very loved building,” comments Ms Hersel, Almacantar’s property director.
Almacantar only got permission to build its 18-storey tower because of the size of the existing building – usually buildings so close to Hyde Park are restricted. There will be 54 apartments, as well as outside space, with a seven-floor office building next to it.
Source: Oxford Street’s new twin towers to defy the luxury doom-mongers, The Daily Telegraph telegraph.co.uk 31 May 2016
06/06/2016 15:29 by Buildington
Almacantar has sealed a landmark £400m speculative development loan for its redevelopment of Marble Arch Tower next to Hyde Park.
In one of the largest loans this cycle for a project with no pre-sales or pre-lets, The Children’s Investment Fund (TCI) is backing the developer.
The loan will help fund the Marble Arch scheme, as well as the redevelopment of 466-490 Edgware Road, which is where the affordable housing element of the project will be provided.
The whole project, which involves a mix of offices, flats and retail, is expected to cost about £600m.
TCI is a London-based hedge fund run by Christopher Hohnm which is affiliated with a charity for children in developing countries run by his ex-wife.
Although it has done little to date in UK real estate finance, it is well known in the US for providing big development loans on high profile projects.
For example, last year it provided a $850m loan to Related Cos for its development of the 70-storey tower at 15 Hudson Yards, in New York.
Almacantar is expected to start on site shortly having already been granted planning permission for revised plans for Marble Arch Tower, which included more office space and slightly less residential, last year.
The existing tower will be knocked down and replaced by a residential building with 54 flats and an office building, with ground floor retail and an Odeon cinema.
At 466-490 Edgware Road, there will be 76 homes, of which 47 will be affordable, and a disused petrol station will be brought back into use.
14/05/2016 18:02 by Buildington
Westminster City Council has granted permission for its revised redevelopment of Marble Arch Tower to create a striking new landmark for London, reports Almacantar.
Under the proposals, the existing tower will be demolished and replaced with a residential building and an office building, both providing retail and leisure facilities on basement, ground and first floor, designed by Rafael Viñoly. The office building will feature large scale art work by Lee Simmons. Almacantar originally received planning permission in June 2014 and submitted revised plans late last year.
The original plans were revised to include a greater proportion of office space in the development transforming the first level of residential area in the Western tower into office area and adding an additional floor of housing to the top of the tower. These revised plans will increase the height of the building from 17 storeys to 18 and will marginally reduce the number of apartments from 53 to 49.
Almacantar will also create a new build multi-screen Odeon cinema and the 18,000 sq ft of new retail remains a key aspect of the development. This world class retail space will transform the area and have a positive impact on the surrounding environment.
The affordable housing element of the scheme will be provided at 466-490 Edgware Road, where Almacantar is also developing a new mixed tenure housing and retail scheme. This scheme will comprise 76 homes of which 47 will be affordable. The development will also see the reinstatement of the disused petrol filling station – marking the first new petrol station in London for over 10 years.
Lee Simmons will design the dramatic structural artwork that will adorn the development. Lee is a talented young British artist who combines traditional skills with modern technologies and techniques to create his stunning and distinctive pieces.
The structure contains leaf inspired panels of colour which visually reverberate one against the other at different intervals along each band. How each panel interacts with another introduces a rhythm to the work that is of a scale that will be clearly identifiable from all main public access routes. The creation will develop into an impressive and impactful work that will captivate public imagination.
Kathrin Hersel, Development Director of Almacantar, commented:
"I am delighted that the revised plans for the Marble Arch Place scheme have been approved. The plans will address The Portman Estate's requirements. Also, the scheme will deliver much needed additional office floor space and will unlock a very important affordable housing project for the City of Westminster. This gateway location overlooking the finest of the Royal Parks deserves a world class development.”
Lee Simmons commented:
“I am incredibly honoured to have been asked to create the art for such a pivotal area of London, Marble Arch is undoubtedly one of the focal points of the Capital and to have my art as part of the development is such an exciting opportunity. My idea is focused on capturing a snapshot or passage of time that occurs within the natural world. I hope to create a moment of contemplation through my art, helping to connect the architecture with the natural beauty of the Royal Park across the road".
18/02/2015 15:23 by Buildington
Almacantar was last night granted planning permission by Westminster Council for a redevelopment of Marble Arch Tower.
The scheme will see the existing tower, constructed in 1967, demolished and replaced with a apartments offices, shops and new cinema as well as new public realm space.
The development will create a new destination for residents, workers and visitors at this important gateway site in the West End.
Marble Arch has long been seen as one of the best (yet unrealised) development opportunities in the West End at the corner of Oxford Street and Edgware Road. It is highly complex and its ownership has not offered the opportunity to develop prior to Almacantar’s purchase. It will benefit from spectacular, uninterrupted views overlooking Hyde Park.
Kathrin Hersel, Development Director of Almacantar, commented: “This development will create two timeless, beautiful buildings which will become a new landmark for the West End. Our plans will deliver world class residential, retail and office space in a prestigious setting overlooking the finest of the Royal Parks.”
The plans for the development include:
- a new, improved multi-screen Odeon cinema
- 123,000 sq. ft. of modern flexible office space totalling
- 36,000 sq. ft of new world class shop units
- 53 private apartments
The two new buildings will be 17 storeys and 7 storeys. The taller, Western building will include residential apartments and shops and cinema at ground level, while the Eastern building will be dedicated to commercial office space and shops on lower ground, ground and first floors.
Source: Almacantar www.almacantar.com
05/06/2014 12:39 by Buildington
On Wednesday 20 and Thursday 21 November 2013, Almacantar held a public exhibition on its proposals to redevelop the Marble Arch site (located at the corner of Marble Arch, Edgware Road and Bryanston Street) to provide a mix of high-quality residential, office and retail accommodation (including reprovision of the cinema).
The presentation of the plans can be found at www.marblearchtower.co.uk.
23/11/2013 15:43 by Buildington
Property investment and development company Almacantar has exchanged contracts for the purchase of Marble Arch Tower from Orchard Street Investment Management for approximately £80 million.
The 82m tall tower is one of the most prominent buildings in London’s West End. The 166,000 sq ft mixed-use property, situated at the corner of the western end of Oxford Street and the northern end of Park Lane, comprises a 21-storey office tower, shops fronting Marble Arch and Edgware Road and an Odeon cinema.
The acquisition follows on from Almacantar’s recent purchase of Centre Point at the eastern end of Oxford Street and having secured an exclusive position with the Marylebone Cricket Club for the potential redevelopment of Lord’s Cricket Ground.
Commenting on today’s announcement, Mike Hussey, Managing Director of Almacantar said:
“We are delighted to have acquired Marble Arch Tower, one of the landmark buildings in London’s West End. This deal is our third project in London this year and demonstrates our long term confidence in the future of the West End market.”
Gary Felce, Chief Investment Officer at Orchard Street Investment Management, said:
“Marble Arch Tower has been a good investment for the fund producing great returns since we acquired it seven years ago. The decision to sell was taken as part of a review of the portfolio that will allow Orchard Street to focus on projects elsewhere including 11 The Strand, 83-85 Pall Mall and 125 Wood Street.”
17/05/2011 16:20 by Buildington