Land Securities in £655m central London development

Land Securities today announced a £655 million development programme in the West End to take advantage of the economy recovery.

Building on three sites, one in Oxford Street and two in Victoria, will start this year for completion in 2012 and 2013.

The decision to press ahead with the developments is a significant turning point for the property industry after a wave of projects were postponed or cancelled during the financial crisis.

Colette O'Shea, director of development for Land Securities in London, said: "To be the first major developer to state publicly that we are starting to deliver such a substantial development programme demonstrates our financial strength and development capabilities, as well as our confidence in the West End market."

Land Securities also reported lettings of £9.8 million for the third quarter, giving £39.7 million so far this year. It has a further £22.6 million in solicitors' hands.

The construction of the offices, shops and luxury apartments is expected to create 5,000 jobs over the next three years. The projects include Park House, the largest development in Oxford Street for 40 years, as well as Wellington House and Seborne House in Victoria.