Legal & General secures planning for Hanover Square and Wardour Street redevelopments.
16 January 2013
Legal & General Property (LGP) announces that, on behalf of its Life Fund, it has successfully secured planning consent for its prime, West End office and residential redevelopments of 7-10 Hanover Square and 103-109 Wardour Street. Planning permission was granted last night by Westminster Council.
LGP has continued to grow its significant development capabilities over the last few years, through a number of strategic hires and further integration into the platform’s transactional processes, in order to extend its project pipeline and position it to capitalise on the lack of construction finance available. As a house, it has therefore been one of the most active funders of development, a trend that it sees increasing further over the next few years. In particular, on the office side, its sees the future of London as being very positive and the engine of UK recovery, with a weight of global capital continuing to favour stabilised Central London assets and smart fund managers being those that retain the in-house development skills necessary to participate in and support this process.
7-10 Hanover Square
Located in what is expected to become one of Mayfair’s most sought after squares, following the completion of Crossrail, the redevelopment of 7-10 Hanover Square will comprise a 56,000 sq ft high quality office-based scheme, arranged over two basements, ground and seven upper floors. The office element will provide typical floors of 8,200 sq ft, whilst there will also be two retail/restaurant units on the ground floor, totalling 9,300 sq ft and fronting Hanover Square. Additionally, to the rear of the property, on Princes Street, there is a separate 6,500 sq ft residential building which provides five dual aspect, two-bedroom residential units and a three-bed duplex penthouse unit, as well as parking.
Work is due to start on site in August 2014, with completion targeted for March 2017. MAKE Architects is behind the designs of the building, which uses Portland stone with punched windows. The Portland stone façade also incorporates artwork by Catherine Bertola which will give the building a rich texture and a striking presence on the square. The aim is to create a premium office offer which appeals to corporate and financial tenants who value prime London square locations with good transport links, with complementary retail facilities on the ground floor, which should breathe additional life into the square.
103-109 Wardour Street
Situated in the heart of Soho, on the west side of Wardour Street, which runs from Leicester Square to Oxford Street, plans have been approved for the Sheppard Robson designed residential conversion of the upper floors of this office based building. The project will provide 15 high class residential units, totalling 16,000 sq ft, including two duplex penthouse apartments with seventh floor terraces. It will also involve the alteration of the existing core, a replacement of the rear façade, and conversion and extension of seventh floor office accommodation into high spec residential.
The building underwent redevelopment in 1996, retaining its Portland stone Victorian façade. The conversion and extension of the upper sections of the property form part of the Hanover Square planning application, meeting the borough of Westminster's residential policies.
Simon Wilkes, Head of Business Space Development at Legal & General Property, said: “With a shortage of high quality West End office space, both in terms of current supply and that forecast to come to the market, we believe 7-10 Hanover Square has the potential to take advantage of strong occupier demand when it is delivered to the market in 2017. Additionally, with a Crossrail station due to be positioned directly opposite the scheme, we feel sure that Hanover Square will take its place as one of the premium business addresses in London and benefit greatly from this and the other regeneration projects that support the area.”
Commenting on Hanover Square, Cara Bamford, Partner at Make Architects, added: “This mixed use scheme will be a fabulous, modern addition to the classical architecture in Hanover Square. Rather than being a pastiche of the existing traditional architecture, our contemporary buildings will enhance the surroundings, providing high quality commercial space alongside much needed residential accommodation and ground floor retail and restaurant units which will breathe life into the Square.”
Jones Lang LaSalle has been appointed to the role of development and letting agent on 7-10 Hanover Square and CBRE on Wardour Street. Mace is the project manager, WSP Group the engineer, EC Harris is the cost consultant and Gerald Eve acted as planning consultant on both projects.
Notes to editors
Legal & General Property (LGP) is a wholly-owned subsidiary of Legal & General Investment Management (LGIM), one of Europe’s largest institutional asset managers and a major global investor. LGIM manages approximately £381bn of assets on behalf of more than 3,300 clients (30 June 2012) and provides products and solutions spanning all asset classes. LGP is the third largest institutional property fund manager in the UK, managing or co-managing 16 separate funds or vehicles and two segregated mandates with an aggregate asset value of £10.4bn as at 30 September 2012.
These funds include:
Specialist Pooled Funds
The Leisure Fund Limited Partnership; Industrial Property Investment Fund; Arlington Business Parks Partnership; and the English Cities Fund
Single Asset Vehicles
Bracknell Regeneration Partnership; Central Saint Giles Partnership; Performance Retail Limited Partnership and Warrington Retail Limited Partnership
Life Fund; Linked Pensions; Linked Life; Managed Fund; Property Unit Trust; UK Property Income Fund; LPI Income Property Fund and the Hybrid Property Fund
LGP’s UK-focused fund management platform has built and retained a strong track record of outperformance
across the sector. Owing to its size, diversity and penetration, it benefits from best in class banking and property industry contacts which, along with its wealth of in-house skill and expertise, have enabled it to continue to attract and secure high quality market opportunities. Taking a client-centric approach, the business places the highest priority upon integrity and transparency, leveraging upon the significant resources provided by the wider LGIM platform. Sector specialists cover each sphere of the market and are supported by LGP’s market-leading research capability.
LGP’s sector specialisms cross all facets of the real estate market. In particular, the Company has a major development platform, responsible for delivering West End landmark building, Central Saint Giles, and Agar Street, its high profile Covent Garden office scheme, amongst others, and is currently involved in bringing forward a number of significant town-centre retail and leisure regeneration projects, including Bracknell, Trowbridge, Milton Keynes, Northampton, Hounslow and Eastbourne.
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