Morgan Capital Partners acquire Mayfair offices

Mixed-use redevelopment planned at 8-10 Hanover Street, W1

Article posted: 13 Sep 2011

LaSalle Investment Management has completed the sale of office space in Mayfair, W1 at 8-10 Hanover Street to Morgan Capital Partners, on behalf of a private investor.

The property has planning consent for 25,000 square ft of offices, 1,636 sq ft of retail and six luxury apartments. Morgan Capital Partners intends to commence development immediately with completion set for Q3 2013.

The price is undisclosed, though LaSalle brought the property to the market in June with a guide price of in excess of £25m. The property attracted strong interest from investors due to the current supply shortage of prime office space in the core West End market.

Richard Maple from LaSalle Investment Management commented: "The sale of this asset is the culmination of a process of site acquisition, planning, design and construction development which has resulted in superior returns for our pension fund client."

Alex Morgan, Partner at Morgan Capital Partners commented: "This is a fantastic opportunity to deliver Grade A accommodation into the market at a time when supply in Mayfair will be subdued and in a core location that is going through a transformational change."

Jones Lang LaSalle advised LaSalle Investment Management.

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Posted by Sam