The cost of a major mixed-use development project in London has risen to £236 million, Derwent London has announced.

The Saatchi building revamp scheme at 80 Charlotte Street will now cost £29m more than anticipated.

The inflated cost is due to Derwent London revising the previous planning permission to allow for greater demolition of the existing buildings.


In a business update, the firm said: "The improved scheme allows for three metre floor to ceiling heights on the whole space, more efficient floor plates and significantly de-risks the construction process.

"We estimate that the future capital expenditure on the scheme will increase by £29m to £236m, with the latest ERV raised to £26.4m, up from £23.9m in December 2015."

The project is due to be completed in 2019.

(LM)