LONDON (Alliance News) - Northacre PLC said Wednesday that it has been granted planning permission, subject to finalisation, by Westminster City Council for the design it submitted for the No.1 Palace Street site, adjacent to Buckingham Palace.
The No.1 Palace Street site is a 302,377 square foot development that is set to complete at the end of 2017. The site has a grade II listed façade over looking the Palace, which Northacre said will be "meticulously restored and enhanced" by its specialist craftsmen.
"We are extremely excited to deliver a site that will set a new standard for ultra-prime residential developments in London," said Chief Executive Niccoló Barattieri di San Pietro in a statement. "We are proud to have been awarded permission for this ambitious and complex scheme. We have spent the last year refining the concept and cannot wait to start work on this important chapter in Northacre's history and the landscape of SW1."
Shares in Northacre are trading up 11% at 76.00 pence Wednesday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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