New London Victoria scheme - commercial mortgages

25 September 2008

In news that may interest those with commercial mortgages, a firm has applied for planning permission to redevelop Selborne House on London's Victoria Street.

Land Securities has submitted plans to Westminster city council for the 1960s building.

The 11-storey mixed-use project will contain 17,718 sq ft of retail outlets and 408,505 sq ft of offices.

Colette O’Shea, head of development for the London portfolio, commented: "Our new development at Selborne House will benefit the area greatly."

Residential space is also set to be developed by the company in nearby Wellington House, although a separate application must be produced for this, the news provider stated.

This site is situated between Parliament Square and Victoria train station.

Recently, the Essential Information Group claimed that there had been a "terrific influx" of private investors into the commercial property sector over the last 15 years.

Commercial property is "still selling much better than the residential side by 60 per cent", remarked managing director David Sandeman.