Mike Hussey’s Almacantar has unveiled proposals for a 408,000 sq ft mixed-use redevelopment of Marble Arch Tower, W1. The developer has gone out to public consultation today, with plans for a 17-storey, 52-flat Rafael Viñoly tower replacing the existing 24-storey West End block at the corner of Oxford Street and Edgware Road.
A seven-storey block is also planned, with 123,000 sq ft of offices, 36,000 sq ft of retail space, public art works, and a new 39,000 sq ft Odeon cinema in a purpose-built underground basement. Some 54 car parking spaces would also be provided.
Kathrin Hersel, development director of Almacantar, said: “This landmark development will be a catalyst for the ongoing transformation of the West End of Oxford Street, improving the streetscape for the 15m people who pass through Europe’s busiest shopping thoroughfare each year, as well as creating a world-class residential and office scheme in a prestigious, central London location.”
She added that talks were underway with Transport for London about improving the traffic gyratory around the site.
The proposals come after Almacantar paid clients of Orchard Street Investment Management £80m in May 2011 for the asset.
To satisfy Westminster city council’s affordable housing requirements, the company is proposing a Terry Farrell & Partners-designed 76-home development at 466-490 Edgware Road, W2. Of the homes, 47 would be affordable, and 39 car parking spaces would be provided.
The Edgware Road proposals also include reinstating a disused petrol station and 5,500 sq ft of retail space.
It purchased the site for around £10m from the John Lyons Charity, earlier this year, as tipped by Estates Gazette at MIPIM in March .
Subject to planning consent, the Marble Arch development would mean Almacantar is converting the two book ends of Oxford Street for residential use. On the eastern end of the street it is redeveloping skyscraper Centre Point, into a flats scheme.
Construction on Marble Arch Tower is expected to start in 2015, with completion of the scheme, as well as the Edgware Road project, in 2018.