Legal & General Property has chosen Make Architects to draw up plans for the major redevelopment of 7-10 Hanover Square.
The 40,000 sq ft of space at 7-10 Hanover Square in central London is currently home to an office-dominated building that has a total of 7 floors. LGP has tasked Ken Shuttleworth’s Make Architects with modernising the building with a view to completing the entire project in 2016.
LGP aims to have secured planning for a high quality office-based scheme in keeping with the surrounding area when leases within the building expire in 2014. Building work could begin shortly after the property has been vacated by the current tenants.
The property is situated on the north-east corner of Hanover Square and lies opposite the planned site of the new Crossrail station, which is expected to come into full service in 2018.
Mace has been appointed as project manager for the scheme and Jones Lang LaSalle will be responsible development and letting agent for the project.
Read the full article here: http://www.londonlovesbusiness.com/legal-and-general-picks-architect-for-mayfair-project/956.article
05/11/2011 01:41 by Buildington
A private investor, advised by Morgan Capital Partners, has acquired 8-10 Hanover Street in Mayfair from LaSalle Investment Management.
The property has planning consent for 25,000 square feet of offices, 1,636 square feet of retail and six luxury apartments. Morgan Capital Partners intends to commence development in September with completion set for Q3 2013.
The price is undisclosed, through LaSalle brought the property to the market in June with a guide price of in excess of £25 million. The property attracted strong interest from investors due to the current supply shortages 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.
05/09/2011 18:48 by Buildington