British Land to purchase and re-develop Marble Arch House

British Land today announces that it has entered into an agreement with The Portman Estate to purchase and redevelop Marble Arch House, W1. .

On receipt of vacant possession, British Land will pay £18 million for the development site.
 
The new development, which has detailed planning consent, will consist of office, residential and 15,000 sq ft of retail space. The development is expected to be completed mid-2013.

Marble Arch House is on the corner of Seymour Street and Edgware Road, located within Portman Village and a short walk from Oxford Street and Hyde Park. The existing site consists of two mixed use five storey buildings, 32-50 Edgware Road and 62-64 Seymour Street.

CBRE acted for The Portman Estate and Cushman & Wakefield for British Land.