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.