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This is subject to approval from the GLA and completion of the Section 106 Agreement. The proposed scheme, designed by Piercy & Co architects, includes 20,000 sq ft of A1/A3 retail use on the ground and lower ground floors and 85,000 sq ft of offices on the first to seventh floors with two floors benefitting from generous roof terraces. Derwent London holds a long leasehold interest over the majority of the site and discussions with the freeholder are progressing well.

The existing buildings are let to the MCPS-PRS Alliance Limited (“PRS for Music”) who intend to relocate in January 2015. This would allow work to start early next year. The site is in Fitzrovia and benefits from the substantial ongoing improvements in the area, as well as the opening of Tottenham Court Road Crossrail station in 2018.

John Burns, Chief Executive Officer of Derwent London, commented:

“We are excited by the prospects for this scheme, which will contribute to the continued regeneration of Fitzrovia, and adds to our significant development pipeline”.