The area around Victoria station is undergoing a transformation. Land Securities is instrumental in the redevelopment as it owns most of the buildings on Victoria Street, including New Scotland Yard, Westminster Town Hall, Kings Gate and many more. This means the change that will happen here will be comprehensive, rather than a series of piecemeal improvements.

Land Securities currently has a 2.2m sq ft development pipeline for Victoria and is investing £2bn in refurbishing existing buildings and constructing new ones to house offices, shops, restaurants and people.

Source: Land Securities

The transformation of Victoria actually began in 2006 with the completion of Cardinal Place, a retail and office building. Since then 123 Victoria Street, Wellington House and 62 Buckingham Gate have all been built.

Land Securities is not alone in identifying Westminster as a good residential development site as illustrated in Figure 4. A small number of these schemes, located near Buckingham Palace, are expected to achieve super prime prices of £3,000 per sq ft and above.

^{*Schemes by developers other than Land Securities with over 50 private units, which we expect to deliver units over the next five years}

^{Source: Savills Research}