Almacantar allays Brexit fears with new property plans for Shaftesbury Avenue
Mike “Mr Property” Hussey’s development firm Almacantar has shrugged off Brexit-induced jitters in the commercial real estate market and submitted plans for a major new office block in the West End.
The firm behind the Centre Point and Marble Arch Tower redevelopments will revamp the 125 Shaftesbury Avenue home of Yahoo and Time Out, in an area that is expected to benefit from the arrival of the Tottenham Court Road Crossrail station in 2018.
Under proposals submitted to Camden council, Almacantar hopes to increase the size of the 1980s building to more than 332,000 square feet from 245,126 square feet.
Plans include works to reinstate a historic connection between Old Compton Street and New Compton Street, improving pedestrian accessibility between Soho and St Giles High Street.
The application will allay fears that Britain’s decision to leave the EU would deter developers from investing here.
Subject to planning consent, construction would finish in 2020.
Kathrin Hersel, property director at Almacantar said: “The culture, lifestyle, language, economy and educational opportunities mean that London will retain its status as a leading global city and remain an attractive choice for occupiers. Given market uncertainty, it will be more imperative than ever to offer occupiers the right building in the right location."
