Green light for Mayfair office scheme

Joint venture secures consent for 31,500 sq ft redevelopment

Article posted: 26 Jan 2012

Planning consent for the redevelopment of 22,500 sq ft of office space in Mayfair together with 9,090 sq ft of retail has been granted to a joint venture between Aerium and Terrace Hill.

Two buildings at 49-51 Conduit Street and 24 Savile Row were acquired by the JV last year with a view to converting the dated offices into a single Grade A office scheme to be delivered in summer 2013 when it is anticipated that there will be significant demand for high quality office space in the West End.

Commenting on the development, Robin Carr, Aerium’s UK Fund Manager 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.”

Rob Lane, Development Director of Terrace Hill, 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.”

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Posted by Jules