Big names set to fight for Victoria’s new commercial spaces | 13 February 2014
The London district of Victoria could soon be welcoming a host of big-name businesses after it was revealed that more than three million square feet of retail and office space will be created in the area over the next 10 years.
According to the Victoria Business Improvement District (BID), more than £4 billion will be invested in the area between now and 2024. Its Victoria Vibrancy Report 2014 suggests that clothing brands will show particularly strong interest in the newly built properties.
Victoria, which is known as one of the capital’s main transport hubs, is slowly building a reputation as a fashion hotspot, with Jimmy Choo and Armani recently choosing to move their headquarters to the area.
The head of Victoria’s Business Improvement District, Ruth Duston, commented on the new report. She was quoted by drapersonline.com as saying: “Victoria is undergoing massive change and has got an unbelievable programme of infrastructure projects happening.
“A lot of this has been fragmented up until today and what we wanted to do by publishing this report was bring all that information together under one vision for the area.”
It is thought that around 75 per cent of the investment will come courtesy of commercial property firm Land Securities. The company has plans to create two million square feet of office space and a further 280,000 square feet of retail space in the next five years, cityam.com reports.
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