80 New Bond Street/325 Oxford Street is a mixed-use retail and office development in London W1.
The 8-storey 37,414 sq ft building was acquired on behalf of the Hines European Value Fund 2 (HEVF 2) from Aviva Investors in February 2020.
The scheme will retain a significant retail presence at ground and first-floor level, transforming it into a two-story space to meet the exacting requirements of contemporary retail occupiers.
It will almost double its office accommodation, increasing from the existing 2,350 to 4,650 square feet. The office entrance will be repositioned on to Dering Street, incorporating a dedicated, spacious reception area. The seventh and eighth floors will feature garden roof terraces for occupiers’ private use.
Designed by the award-winning Orms Architects, the scheme is targeting BREEAM Excellent with ambitions of achieving Outstanding. It is also aiming for WELL Platinum Ready and Wired & Smart Score Platinum.
Refurbishing instead of redeveloping the building will save c800kgs of CO2 per m2, underlined by a commitment to offset the next 30 years of operational carbon. Its environmental features include the minimizing of embodied carbon through use of low carbon materials and refurbished floor tiles, while carbon modeling software will establish the best materials and fabric buildups to reduce embodied carbon.
The 37,414 sq ft building arranged over lower ground, ground and five upper floors is uniquely positioned with dual frontage on to both New Bond Street and Oxford Street (80 New Bond Street & 325 Oxford Street), making it one of the most desirable micro-locations and sought-after properties in central London.
The first phase of the refurbishment work will now begin in summer 2021 with full completion and the retail and office units ready for occupation anticipated in the spring of 2023.
Formerly known as Burlian House.
2021 April - Westminster Council approves Hines' plans for the redevelopment. Jake Walsh, Managing Director, Hines UK, commented: “We’re pleased to receive planning approval which gives us the green light to proceed with our exciting plans for this development. It is probably the best micro-location in London’s West End, with Oxford Street and Bond Street amongst the world’s most iconic and popular retail streets. The two-story shop fronts will provide a unique shop window for any global brand in an unparalleled location.”
2020 December - Planning application submitted for the demolition and rebuilding of 3-4 Dering Street to provide a four-storey plus basement building with a plant enclosure above. Extensions and refurbishment of 325-329 Oxford Street and 80 New Bond Street to provide an eight-storey plus basement building; re-alignment of the facade along the Oxford Street frontage above first-floor level to match neighbouring building; creation of terraces at seventh and eighth-floor levels; alterations to the facade on the Oxford Street and New Bond Street frontages including the provision of double-height shopfronts, the provision of additional accesses and other associated external works, all in connection with the use of the building for retail and offices purposes (Class E). Site address: 80 New Bond Street, 325 Oxford Street and 3-4 Dering Street in London W1S 1SB. Westminster Council ref. no. 20/08230/FULL.
2020 November - Virtual briefing is held on Thursday 19th November 2020 to introduce the plans for the redeveloping of 80 Bond Street.
2020 February - Hines, the international real estate firm, acquires the flagship mixed-use retail and office scheme in the heart of London’s West End on behalf of the Hines European Value Fund 2 (HEVF 2). Acquired from Aviva Investors for an undisclosed sum, the building was multi-let to four tenants with vacancy available as of August 2020. Hines plans to embark on a comprehensive reconfiguration and refurbishment to enhance and reposition the asset as flexible, best-in-class, prime retail space on the lower floors, with prime grade A office space above.
Jake Walsh, Director, Hines UK, said, “Oxford Street and Bond Street are among the world’s most iconic and popular retail streets. With the eagerly anticipated adjacent Hanover Square Development completing later this year and the delivery of Crossrail on the way, this location is positioned to capitalize well on localized trends, and will be a unique shop window for any global brand in an unparalleled location.”
Paul White, HEVF 2 fund manager, said, “This is a fantastic flagship acquisition for HEVF 2. It epitomizes the HEVF series philosophy of sharp focus on prime locations in prime markets, and on assets that the Hines in-house skillset can actively improve to create new core real estate. When we are finished with this building it will be a mixed-use trophy in arguably the best retail location in Europe, and offering coveted Mayfair office space. We’re excited, and backing our high conviction in the London opportunity today.”
Gary Sherwin, Head of UK Transactions, Aviva Investors, said, “The fund in which the property is held is increasing its allocations into assets with secure income streams, including pre-let office and hotel investments in Cambridge and Manchester, which are key locations in our real estate investment strategy. We continue to have an appetite for prime retail assets in cities with strong economic fundamentals, including those that are attractive tourist and leisure destinations. However, we will sell properties when we can achieve an attractive return for our clients and believe the proceeds can be better redeployed elsewhere, including our strong pipeline of office development opportunities in London. The sale of this asset met our objectives through a competitive bidding process.”
Hines was advised by Savills and Aviva Investors was advised by Knight Frank.
Site & Location
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