Reef Group’s plans to invest over £150m in Cavendish Square, which will transform the space into a subterranean mixed-use destination in the heart of the West End, have been approved by Westminster City Council.
The scheme, which was approved via an online planning committee - thought to be its first major application approval, will deliver much-needed specialist facilities for London’s private healthcare sector, which has doubled in size in ten years, and premium retail and leisure space.
Stewart Deering, Joint Chief Executive of Reef Group, said: “Reef Group has worked closely with Westminster City Council to design an iconic destination for London and we are delighted to have secured planning consent for the scheme. We will invest more than £150m in developing a vibrant, sustainable and sensitively designed place with a core focus on health and wellbeing.
“The scheme is designed with flexibility in mind and we’re talking to occupiers from a variety of sectors. The health and wellbeing industry is predicted to grow substantially and Cavendish Square London is well placed to respond to this trend.”
The development will total 280,000 sq ft across four storeys below ground level. There will be glazed lanterns at street level, light wells and internal atria drawing natural light to the floors below. At street level, statement entrances to Harley Street, Oxford Street and Regent Street complete the development.
Reef Group is in advanced discussions with several tenants to occupy the space., with construction expected to start next year with completion in 2023.