Meadow Partners Wins Approval for £600 Million Grade A Office Redevelopment at 10–20 Victoria Street in Westminster

LONDON, Oct. 13, 2026 — Meadow Partners, an institutional middle-market real estate investment manager, announced it has secured planning approval from the Westminster City Council Planning Committee for the redevelopment of 10–20 Victoria Street in Westminster. The approved plans will transform two existing buildings into a £600 million Grade A office development.

Scheme Details at 10–20 Victoria Street

The ground-plus-12-storey redevelopment will deliver approximately 24,000 sq. m (about 258,300 sq. ft.) of office space, significantly expanding the existing footprint. The scheme also includes 754 sq. m (about 8,116 sq. ft.) of retail and restaurant space for leasing along an improved street level. The development is expected to support around 1,500 jobs.

The site is located near Westminster Abbey and Parliament Square. Piercy & Company designed the building, which uses materials including natural limestone and green granite. The plans include enhanced public space along Victoria Street and Dean Farrar Street. The £600 million project value equates to roughly £2,323 per sq. ft. of office area, a simple calculation based on the announced office program.

The two existing buildings are vacant or moving toward vacant possession. 10–18 Victoria Street was vacant by October 2026, and vacant possession of 20 Victoria Street was expected the same month.

Comments From Meadow Partners, Piercy & Company and Montagu Evans

J. Andrew McDaniel, Co-Founder and Partner at Meadow Partners, described the site as "one of the last major blocks to be redeveloped in Victoria, a rapidly improving office submarket in London." He said: "We are pleased to receive the approval, which gives us the opportunity to move forward with a scheme that reflects our approach of identifying sites with strong fundamentals, investing with conviction and creating assets that can perform over the long term."

Stuart Piercy, Founding Director at Piercy & Company, said the building's stepped form is designed to break down the "monolithic horizontality of the streetscape into four distinct vertical bays, creating depth, articulation and carefully framing panoramic views across the surrounding townscape." He added that the building will provide Grade A office space with outdoor terraces and views across a historic part of Westminster.

Guy Bransby, Partner and Head of Central London Planning at Montagu Evans, said Westminster City Council "tested the case for redevelopment hard, particularly on sustainability, but remained pragmatic and evidence-led throughout." He said the result shows that "'retrofit first' does not mean 'retrofit only,'" and that the decision reflects a balanced approach covering economic growth, inward investment and public benefit alongside climate ambitions.

Westminster's Retrofit Policy and the Victoria Office Market

The approval illustrates how Westminster is applying its "retrofit first" policy. Because the proposal replaces two existing buildings rather than retaining and refurbishing them, the council's assessment of the scheme's sustainability case was central to the application. Bransby said Westminster's clarified position on retrofit informed the outcome.

Developers and investors are increasingly distinguishing between obsolete or difficult-to-let office stock and high-quality, sustainable buildings capable of attracting occupiers. The Victoria scheme would compete with other new-build and deeply retrofitted buildings, where tenants typically prioritize environmental performance, efficient floorplates, transport access, amenities and improved public realm.

With the existing buildings vacant or becoming vacant, Meadow Partners can pursue comprehensive redevelopment without the phasing and tenant-relocation complications that often constrain central London projects.

Meadow Partners' Westminster Activity

The project is part of Meadow Partners' continued investment in Westminster. The firm's other activity in the borough includes 17 Rochester Row, a retrofit project under construction, and Hathaway House, a mixed-use development with 73 apartments, including 19 affordable homes, alongside approximately 20,000 sq. ft. of commercial space for the NHS. Meadow Partners had earlier undertaken feasibility studies for 10–20 Victoria Street and held pre-application discussions with Westminster City Council.

Meadow Partners is a $7.5 billion vertically integrated real estate investment manager specializing in global middle-market transactions. Founded in 2009, it invests across multifamily, office, industrial, retail and energy ground lease sectors on behalf of institutional investors globally. It manages a series of commingled opportunistic funds, a perpetual life vehicle and five core/core-plus separately managed accounts.

Outlook

The approval gives Meadow Partners control of a large-scale redevelopment opportunity in Victoria and adds to its Westminster pipeline. The project's economics will be tested by construction costs, achievable rents and leasing, as well as Westminster's sustainability requirements.

Sources

• Meadow Partners: https://www.meadowpartners.com/news/meadow-partners-secures-planning-approval-for-major-victoria-street-redevelopment