US private equity firm Northwood Investors has secured planning consent for the redevelopment of Covent Garden landmark 90 Long Acre, WC2.
The scheme includes the demolition of the existing office block to be replaced with a pair of new buildings of seven and 11 storeys one of which will provide office space and the other of which will house 118 flats.
The gross internal area of the commercial space will be reduced from 286,901 sq ft to 221,779 sq ft, of which 176,840 sq ft will be offices, with the balance made up of shops and rehearsal space.
Platform has been appointed as Northwood’s development partner on the project.
PLP Architecture designed the scheme.
Liam Bond, on behalf on Northwood Investors, said: “We are delighted to have gained consent for our proposals which will deliver high quality flexible office space, new retail to activate street frontages, significantly improved public realm, 118 new private and affordable homes and a much-needed new orchestral rehearsal space, designed to world-class specifications.
“This will be a significant addition to Covent Garden and the area’s exciting cultural and creative heritage.”
Northwood bought the building for around £165m in the summer of 2013, its first major deal in London.
The private equity firm is run by former Blackstone head of real estate John Kukral.
Gerald Eve advised on planning.
