Almacantar SA, a developer operating in London’s West End, said it will build apartments, offices and shops on the site of the Marble Arch Tower overlooking Hyde Park.
The development will include 52 apartments, 123,000 square feet (11,500 square meters) of offices, 36,000 square feet of shops and an Odeon cinema, Almacantar said today in an e-mailed statement. The developer, based in Luxembourg, will demolish the existing 24-story tower and replace it with two buildings of 17 and 7 stories.
Luxury homes in central London have been the best-performing part of the U.K. property market since at least 2009. Prime residences in the British capital have risen more than 60 percent from their low that year, according to broker Knight Frank LLP.
Almacantar, run by former Land Securities Plc London division head Mike Hussey, will apply for planning consent. It plans to begin construction in 2015 for completion in 2018, according to the statement.