Planning permission has been granted for the re-development of office space in Mayfair. A joint venture between Aerium and Terrace Hill will see two 1960’s properties be transformed into grade A space.
Planning has been secured for the re-development of prime office space in Mayfair by a joint venture.
Terrace Hill and Aerium have collaborated to revamp 49-51 Conduit Street and 24 Saville Row after acquiring the property from Prupim last year.
The scheme will see the venture transform the two dated 1960’s blocks into one six storey building providing 22,500 sq ft of grade A office space in Mayfair. 9000 sq ft of retail space will also span the basement and ground floors.
The venture between developer Terrace Hill and European real estate fund manager Aerium is hoped to make up for some of the lack of prime office space in the West End and they anticipate demand from both potential tenants and retailers for the highly desired area of Mayfair.
Aerium’s UK Fund Manager, Robin Carr said: “This is one of three Central London schemes we are currently undergoing as part of more opportunistic strategy.
“With a shortage of high quality office space both in terms of current supply and that forecast to come to the market, we believe that this well located, prime Mayfair property has the potential to take advantage of strong occupier demand when it is delivered onto the market.”
Work is expected to begin in the spring with the aim of having new office space in Mayfair available by the summer of 2013.
Development Director of Terrace Hill, Rob Lane said: “We are delighted to have secured consent for this flagship scheme. Having worked hard with our architects, the Council and local stakeholders, we feel confident that our redevelopment plans not only complement but exemplify the properties’ existing surroundings, fronting the highly sought after locations of both Conduit Street and Savile Row.
“Using our depth of in-house development and project management capabilities and benefitting from the expertise of our investment partner, we hope to deliver a high quality, attractive office scheme to the market in 2013, when we are set to benefit from a favourable supply, demand dynamic.”