Livingstones ditch flats scheme to revamp officesComments Off on Livingstones ditch flats scheme to revamp offices
The billionaire Livingstone brothers have become the latest property developers to scrap plans for luxury flats in London in favour of swanky offices, amid concerns the homes market is overheating.
Ian and Richard Livingstone’s London & Regional Properties last year won planning permission to create a £35 million, 57-apartment scheme at the Thames Wharf Studios in Hammersmith, which was the home of architects Rogers Stirk Harbour + Partners.
But the Standard can reveal the Livingstones – whose empire includes Cliveden House in Berkshire — decided to revamp the offices instead. It has hired property agent Frost Meadowcroft to seek businesses for the space.
The decision comes shortly after Derwent London abandoned proposals to convert its own Savile Row headquarters into homes as thousands of houses flood on to the market.
Derwent boss John Burns today said: “Escalating residential construction costs and increases in stamp duty, alongside rising office rents, led us to reconsider this approach. We are now refurbishing the office space instead.”
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