Northwood Investors has scrapped its plans to redevelop First Chicago House in Covent Garden, WC2.
A new planning application has now been submitted to refurbish and extend the 279, 947 sq ft office block at 90 Long Acre instead.
Gerald Eve, which is submitting the new application on behalf of Northwood, said the redevelopment scheme, which included 178,853 sq ft of office space and 119 residential units at 90 Long Acre was “no longer a viable proposition”.
Designed by the architect Gensler, the new proposals will increase the office space by 38,459 sq ft and activate the ground floor through the provision of 47,275 sq ft of retail, leisure and restaurant space.
The building is fully occupied by a variety of tenants including Toscafund Asset Management, Regus, and the AA, but vacant possession can be achieved by 31 December this year.
Northwood Investors acquired the property, which was originally designed by R. Seifert and Partners and occupy’s a 1.4 acre plot, in 2013 for £165m from The Witkoff Group.
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