Plans for a £250m residential redevelopment of the John Nash-designed Park Crescent West were last night approved.
PCW Property Holding will redevelop 16-26 Park Crescent, and partially demolish 77-81 Portland Place, both W1.
The Paul Davis + Partners-designed plans will replace the existing office block next to Regent’s Park, with 71 flats and nine houses.
Plans by PCW, which includes Great Marlborough Estates, to restore the block back to residential use, would more than double its end value to over £250m.
PCW Property bought the asset for £105m – a 2% net initial yield – in June 2013, from the Great Capital Partnership, a joint venture between Great Portland Estates and Capital & Counties Properties.
DP9 advised on planning.
