Aerium and Terrace Hill secure planning for 35,000 sq ft prime Mayfair office redevelopment
A joint venture partnership between Aerium and Terrace Hill, has secured planning consent for its prime Mayfair, office-based redevelopment at 49-51 Conduit Street and 24 Savile Row according to Property Funds World.
Having acquired the property in January last year from PRUPIM, the JV put together careful plans to transform the two tired, 1960s office blocks into a single, six storey Grade A office scheme, with retail over the basement and ground floors. The scheme will comprise a total of 22,500 sq ft of office space and 9,000 sq ft of retail. The JV intends to start on site this spring in order to deliver the scheme onto the market in summer 2013 and take advantage of the shortage of high quality West End office space, and anticipated demand from both retailers and office occupiers for this area of Mayfair.
Robin Carr, Aerium’s UK Fund Manager, said:
“This is one of three Central London schemes we are currently undergoing as part of more opportunistic strategy. With a shortage of high quality office space both in terms of current supply and that forecast to come to the market, we believe that this well located, prime Mayfair property has the potential to take advantage of strong occupier demand when it is delivered onto the market.”
Rob Lane, Development Director of Terrace Hill, said:
“We are delighted to have secured consent for this flagship scheme. Having worked hard with our architects, the Council and local stakeholders, we feel confident that our redevelopment plans not only complement but exemplify the properties’ existing surroundings, fronting the highly sought after locations of both Conduit Street and Savile Row. Using our depth of in-house development and project management capabilities and benefitting from the expertise of our investment partner, we hope to deliver a high quality, attractive office scheme to the market in 2013, when we are set to benefit from a favourable supply, demand dynamic.”
The architect for the project is EPR. Cushman & Wakefield and CBRE have been appointed as the joint letting agents for office space. Savills and CBRE have been appointed as the agents on the retail element of the scheme.