Derwent gets green light for £260m Network Building project

Derwent London’s plans for a new nine-storey office block on Tottenham Court Road have been given the green light by Camden council. The developer has permission to demolish the six-storey Network Building at 95-100 Tottenham Court Road, W1, and replace it with a £260m mixed-use scheme of up to 132,000 sq ft of office space. Planning documents say the ultimate use of the building is yet to be determined, but that office and life sciences space are possible. Derwent, which bought the freehold for the site in 2011 for £31m, will now wait for final approval from the mayor of London. The proposals, submitted in December, also contain provision for 5,600 sq ft of retail space at ground level and a nearby six-storey residential building on Tottenham Mews. Objections were raised that the residential element did not meet existing council planning requirements that 27 of the 62 new homes be affordable. However, Camden’s principal planner Gavin Sexton recommended the scheme earlier this week after Derwent insisted it needed a £40m profit to make the operation financially viable. Derwent’s proposals include 23 homes, 10 at social rent and 13 intermediate rent. The scheme was designed by architects Piercy & Company. Work will start in 2022, subject to final approval, with completion by 2025. To send feedback, e-mail alex.daniel@eg.co.uk or tweet @alexmdaniel or @EGPropertyNews Photo: Derwent London