A leading property company has announced plans to renovate a London office on Hanover Square, Central London.
Property company Legal & General will redevelop prime office space on Hanover Square when the current lease expires in 2014.
Legal & General Property has appointed Make Architects to kick-start plans for its major redevelopment of 7-10 Hanover Square, aimed at taking advantage of favourable market conditions in the Central London office market.
Hanover Square, owned by LGP’s Life Fund is an office-dominated building which compromises 40,000 square feet of space. The property is currently let on leases which are due to expire by 2014 when the firm hopes to have secured planning for a high quality office based scheme.
Legal & General Property has proposed plans to commence work on site shortly after securing the full vacancy of the building with estimated completion at the end of 2016.
The acquisition is one of the many Central London, grade A prime office space projects LGP is working on over the next few years.
Earlier this year LGP unveiled plans for a £65m Covent Garden office development, which is expected to be delivered to the market in 2012.
The company announced in September that it had also purchased 76—88 Wardour Street, Westminster, where it proposes to undertake a refurbishment of the office element to deliver 33,000 square feet of Grade A in quarter one of 2013.
Jones Lang LaSalle have been appointed to the role of development and letting agent on the scheme, whilst Mace is the project manager on the scheme. WSP Group will act as engineers and EC Harris will act as cost consultants, with Gerald Eve acting as planning consultant.
(Image by Hassocks5489 via Wikimedia Commons.)