British Land has completed on the sale of Clarges Mayfair to Deka for £177m, 7.6% above the September 2020 valuation.
Clarges represents a landmark mixed-use development for British Land. The site was acquired in 2012 and the redevelopment was completed in 2017, delivering over 50,000 sq ft of world-class office space, 34 super prime residential apartments and nearly 15,000 sq ft of high-quality retail. It is an excellent example of creating value through the strength and depth of our capabilities, across planning, development, asset management, leasing and investment.
Simon Carter, the incoming CEO at British Land, commented: “Clarges is a fantastic example of our ability to create outstanding mixed-use places and drive value through development. The sale is in line with our focus on active capital management, recycling out of more mature assets and positioning us to progress our value accretive London development pipeline, focused on our mixed-use campuses and Canada Water.”
The offices and retail space are fully let, with retail occupiers including Le Comptoir Robuchon, Le Deli Robuchon and a Porsche showroom.
Deka was advised by Savills and Simmons & Simmons, and British Land was advised by CBRE and Mayer Brown.
18/11/2020 10:54 by Buildington
Porsche Centre Mayfair Opening Soon
The new Porsche Centre Mayfair is opening in February 2020.
Porsche Centre Mayfair is moving from Connaught House on Berkeley Square to Clarges Mayfair on Piccadilly.
The new centre runs between Piccadilly and Curzon Street, a short walk to Green Park tube station.
The new Centre will be the only Porsche Centre in the UK to feature a Porsche Design shop.
With the new Taycan, the first all-electric Porsche model, arriving in close proximity to the move-in date, we are excited to take you through this new era for Porsche Centre Mayfair and Porsche as a brand.
Read more at porschemayfair.co.uk.
14/01/2020 08:53 by Buildington
One Apartment Remaining
Sales at Clarges Mayfair are nearly complete, reports British Land.
Four units completed in the half year and a further unit completed post period end, bringing total completed units to 30, with two further exchanged, one under offer and one remaining.
Source: British Land Half Year Report 2019/2020.
15/11/2019 22:27 by Buildington
4 apartments left for sale, register your interest at clargesmayfair.com.
16/05/2019 07:16 by Buildington
British Land has completed or exchanged on 24 residential units to date totalling £344 million and will commence
marketing of the remaining 10 valued at £141 million, this summer. This scheme has delivered profits
of more than £200 million to date, of which residential accounts for over £150 million. The offices element of this scheme reached practical completion in June 2016 and is
nearly 90% let.
Source: British Land Company plc Full Year Results 2018, year ended 31 March 2018 britishland.com.
17/05/2018 09:25 by Buildington
£127 million worth of apartments are left to sell at Clarges Mayfair, reports British Land.
The marketing is expected to commence following its completion in spring 2018.
£344 million worth of apartments were pre-sold.
Source: British Land Company plc Half Year 2017/18 Results.
16/11/2017 15:15 by Buildington
Quantum Pacific has appointed JAC to project manage its relocation to 7 Clarges Street office development.
Quantum Pacific Capital has taken 6,300 sq ft on the 5th floor.
John Cox, Managing Director of JAC Group commented:
“We are extremely proud to have played a key role in this relocation for Quantum Pacific, project managing an ambitious fit out for the very first occupier in of British Land’s fantastic 7 Clarges Street – a new landmark address in the heart of London.”
09/08/2017 11:51 by Buildington
7 Clarges Street is now 83 per cent let, having secured terms with Capula Investment Management, Quantum Pacific and Fortress Investment Group, reports British Land.
Capula Investment Management will occupy 23,700 sq ft across three floors whilst US-based global investment firm Fortress has leased the fourth floor (8,200 sq ft). Both deals are for a period of ten years.
Tim Roberts, Head of Offices and Residential, British Land, commented: “The interest we’ve seen in 7 Clarges Street and these transactions evidence occupiers’ continuing appetite to make long-term commitments for the best buildings in London’s key financial and cultural districts.
“Securing 83 per cent occupancy at 7 Clarges Street, just four months after its launch in September, is testament to the design and quality of the workspace and the appeal of the location.”
CBRE advised British Land; Simon Garfield Property advised Capula Investment Management, DeVono advised Quantum Pacific and Colliers advised Fortress.
31/01/2017 18:47 by Buildington
7 Clarges Street offices are now over 80% let or under offer at an average rent of £113 psf, in line with pre-referendum ERVs.
Source: British Land third quarter trading update published 19.01.2017
19/01/2017 11:23 by Buildington
Hedge fund Capula Investment Management will take 27,000 square feet office space at 7 Clarges Street, reports The Evening Standard.
Advised by Simon Garfield Property, Capula will pay more than £100 per square foot.
Investment firms Quantum Pacific and Fortress have been also been linked with the building but it’s understood the deals have yet to be completed.
Source: British Land celebrates Christmas with hedge fund office deal in Mayfair, The Evening Standard standard.co.uk 23.12.2016
27/12/2016 16:21 by Buildington
British Land launched the completed 51,000 sq ft office component to the market in September and has already placed two floors under offer as well as the ground floor restaurant, comprising 18,000 sq ft, at terms ahead of the valuation assumptions, despite the uncertainty caused by the referendum.
In the residential part they have already pre-sold over 50% of the residential units by value. The remaining 12 units ( £159m), predominantly on the upper floors, will be marketed upon completion in late 2017. British Land continues to be confident that these final units will sell well.
Source: The British Land Company PLC Half Year Results 2016/17 www.britishland.com 16.11.2016
17/11/2016 09:27 by Buildington
British Land has officially launched 7 Clarges Street, the offices within the Clarges Mayfair development.
7 Clarges Street comprises 49,500 sq ft of prime commercial space and is a part of a wider development.
Office space is available across six floors of 7 Clarges Street, with the three uppermost levels incorporating private terraces with views across Green Park to Buckingham Palace and Victoria. These flexible column-free floorplates allow for enhanced collaboration between departments, with employees able to enjoy natural light through floor-to-ceiling windows.
7 Clarges Street benefits from strong transport links, located moments from Green Park station, with connections to London City Airport in less than 30 minutes and St Pancras International Station in 10 minutes. Crossrail is also due to arrive at Bond Street in 2018, providing access to Heathrow in 27 minutes and Paddington in 3 minutes.
Encouraging a health-conscious approach to commuting, an extensive suite of facilities for cyclists has been incorporated into 7 Clarges Street, with 55 bicycle spaces, 39 lockers for folding bicycles, and shower amenities in keeping with the Mayfair Club style.
At the edge of Green Park and moments from the West End’s cultural centre, 7 Clarges Street is situated in close proximity to a host of prestigious restaurants, bars and clubs, including Nobu, Roka and Annabel’s, and internationally renowned hotels, including The Dorchester and The Ritz. Highlights of the West End’s creative district are also a short walk away, including the Royal Academy of Art and Gagosian Gallery.
Michael Wiseman, Head of Office Leasing, British Land, said: “This landmark new commercial address is a shining example of British Land’s commitment to delivering Places People Prefer, with an understanding that well-designed workspaces result in happier, healthier, motivated, and ultimately more efficient businesses.
“Reflecting the evolution of the Mayfair market, we anticipate a diverse mix of businesses taking space at 7 Clarges Street, including private equity firms and asset management firms, alongside technology companies and creative businesses.”
Contact British Land or CBRE for availability and more information.
21/09/2016 15:58 by Buildington
The relocation of the Kennel Club has completed and British Land is on track to complete the offices element next summer. The residential element will complete the following year and 22 out of 34 apartments have been pre-sold, with marketing on the remainder due to commence nearer to completion.
Source: The British Land Company PLC Half Year Results 17 November 2015
18/11/2015 15:19 by Buildington
British Land sold 22 out of 34 apartments following a pre-launch last summer, targeting an exclusive list of known potential buyers, but will now wait until nearer completion, before marketing the remainder.
Sales have been agreed at an average capital value of £4,750 per sq ft, with several apartments setting new records for sales values in Mayfair. Depositstotalling around 12% of the total sales value have been received, with a further 17% falling due before completion and the balance due on completion. The total proceeds of £259 million represent 56% of the total gross development value of the private residential element of the scheme and together with sales across other residential schemes bring our residential exposure down to £140 million (measured by the original commitment adjusted for sales).
Source: The British Land Company PLC Full Year Results 2014/15
14/05/2015 17:43 by Buildington
British Land has announced that after releasing a selected number of apartments over the summer at its super-prime residential-led development, Clarges Mayfair, it has exchanged on the sale of 18 apartments, reflecting an average capital value of £4,750 per sq ft as well as setting new records for prices in Mayfair.
At £210 million, the proceeds represent close to 50% of the total gross development value of the private residential element of the scheme. This pre-launch was limited and targeted at an exclusive list of known potential buyers and has been very well received.
The success achieved at Clarges Mayfair is testament to its unrivalled position, and the quality of its design which sets a new international benchmark for residential development in London. The building was designed by Squire and Partners architects and Martin Kemp Design are leading the interior design for the apartments. The total cost of the development (excluding land and interest) will be circa £228 million.
Clarges Mayfair is a landmark development in the heart of Mayfair, close to Bond Street and overlooking Green Park and Buckingham Palace. The scheme plays to British Land’s strengths in sourcing and managing complex projects. Work began on site earlier this year, and the office element will complete in mid-2016, with the residential element completing in 2017. Full marketing of the remaining units will be undertaken closer to completion when purchasers can appreciate the unique design of the building, its location and the panoramic views from the upper floors.
Chris Grigg, CEO of British Land, said: “Clarges Mayfair is a great example of what we do well – investing in the right places and creating environments where people prefer to live and work. We have used our core development skills to increase significantly the value of the scheme creating a landmark building for this important area of London and further enhancing our presence in the West End.”
Tim Roberts, Head of Offices and Residential, said: “Clarges Mayfair offered us a rare opportunity to develop an exceptional product in a premium location and we are delighted by the level of interest we have seen. Demand has been very strong from both UK and overseas buyers, demonstrating both the strength of the premium residential market and the enduring appeal of developments of this quality.”
Source: British Land
22/09/2014 14:20 by Buildington
New photos of the Clarges Estate development in Mayfair, London W1.
21/09/2014 19:45 by Buildington
Demolition is progressing at Clarges Mayfair with construction expected to start early in the summer.
Source: The British Land Company PLC Full Year Results to 31 March 2014 www.britishland.com
14/05/2014 12:37 by Buildington
British Land has submitted a planning application to Westminster Council for a major new 193,500 sq. ft. mixed use scheme following its acquisition of the Clarges Estate last year. The site totals almost one acre bounding London’s Piccadilly and includes residential, offices and retail.
Planning consent for an earlier scheme was granted in April 2011 but the new plans reinvigorate this important corner of Mayfair and see residential use increased from 63,000 sq. ft. to 94,000 sq. ft. and the development’s office element re-modelled from 91,000 sq. ft. to 47,500 sq. ft.
The prime residential component, overlooking Green Park, will comprise up to 36 units over nine storeys and is a rare addition to new-build properties in Mayfair which are in short supply. Stepping back from Piccadilly, on the other side of a new mews street, the office element will sit on the ground floor and six upper floors with facades to Clarges Street and Bolton Street.
Tim Roberts, Head of Offices for British Land, said: “This is a complex project involving detailed site assembly and reconfiguration, but our core development skills have delivered an exciting outcome for this important area of London.
“We are big backers of London, and this is a rare opportunity to develop a freehold Mayfair site for a structurally under-supplied market as well as reinforcing British Land’s growing strength in London’s West End.”
The Kennel Club, whose current home is on Clarges Street, will now occupy a 27,000 sq. ft. new-build development rather than the 20,000 sq. ft. refurbished property envisaged in the original proposal. This follows the agreement with The Kennel Club, announced in March 2013, to amend and improve the original scheme.
Architect Squire & Partners’ overall concept is designed to replace 1960’s floorspace with highly efficient modern accommodation which optimises natural light and enhances the conservation area in which it sits.
Subject to planning consent, demolition would start in 2013/2014, with phased completion leading up to 2017. The re-modelled proposals for the site, bounded by Piccadilly, Clarges Street and Bolton Street, have been submitted follow extensive public consultation over the project.
Source: British Land 29.04.2013
30/04/2013 20:52 by Buildington
British Land has today exchanged agreements with The Kennel Club confirming terms to relocate and develop a new headquarters for the Club in Clarges Street, facilitating the company’s plans to redevelop the entire site to create a landmark mixed use scheme.
Planning consent was originally granted in April 2011 for redevelopment of the site. The scheme comprised luxury private residential units fronting Piccadilly, retail and high quality offices in a separate block, and a new Kennel Club building. Since British Land’s purchase of the Clarges Estate in November last year it has worked with The Kennel Club and original architects Squire & Partners to relocate the proposed new club and amend and improve the original scheme. A revised planning application for the improved scheme is being submitted shortly with consent expected later this year.
Tim Roberts, Head of Offices at British Land, said “We’re excited by the opportunity to redevelop the Clarges Estate and our agreement with The Kennel Club is an important step in realising our ambitions for this landmark site in Mayfair. The acquisition of Clarges demonstrates British Land’s ability to identify opportunities, deliver solutions and create value. We have agreed terms with The Kennel Club, as anticipated at the time of purchase, which enable us to redesign the scheme while also providing new modern premises for the club. This will enhance our central London development programme and strengthen further our presence in the West End.”
Rosemary Smart, Chief Executive of The Kennel Club, said, "The Trustees of the Kennel Club are delighted to have concluded negotiations with British Land as authorised by the members at our SGM in January 2013. The British Land team have listened carefully to the Club's requirements and have designed a brand new London headquarters building which will meet our future needs. This is an important event in the history of The Kennel Club and we look forward to working closely with their team over the coming years."
British Land’s 2.2 million sq ft of central London offices and residential committed developments includes: a new 700,000 sq ft building for UBS at 5 Broadgate; The Leadenhall Building, a 610,000 sq. ft. tower, in London’s insurance district; and a 500,000 sq. ft. mixed use office and residential scheme at the Regent’s Place estate in the West End. It also includes a number of stand-alone residential developments. Since the beginning of 2009, British Land has completed 143,000 sq ft of residential developments in London, with a further 200,000 sq. ft. due to be completed by the end of 2013.
Source: British Land britishland.com
22/03/2013 11:08 by Buildington
British Land has entered into a corporate agreement to purchase Clarges House, 6/12 Clarges Street and 82/84 Piccadilly in Mayfair based on a property price of £129.6 million. The site is located on Piccadilly overlooking Green Park, and is close to the Ritz and Bond Street. The acquisition is expected to complete in November 2012.
Both buildings are freehold and together comprise over 119,000 sq ft of existing office and retail space. 82/84 Piccadilly comprises approximately 84,600 sq ft and is let until December 2012. Clarges House totals 34,700 sq ft of offices and is currently vacant. Adjoining the two is the Kennel Club at 1-5 Clarges Street which is freehold and owner occupied.
British Land intends to redevelop the entire site to create a landmark mixed-use scheme. Planning consent was granted in April 2011 for redevelopment of the site to comprise 191,000 sq ft net. The scheme, designed by Squire & Partners, includes 63,000 sq ft of luxury private residential units fronting Piccadilly with 7,900 sq ft of retail below, 91,000 sq ft of high quality offices in a separate block, and a new Kennel Club building. Design and planning work is already underway to improve the existing consent.
Tim Roberts, Head of Offices at British Land, said “I am excited by this unique opportunity to buy nearly an acre of land in Mayfair, where we can leverage our financial and development expertise to add value. The scale of development will create a landmark building and will further enhance British Land’s presence in the West End.”
The vendors were advised by CBRE and Olswang, and British Land was advised by Mayer Brown.
Source: British Land
25/07/2012 13:06 by Buildington