The real estate investment giant British Land has moved ahead with plans set to see it develop new areas of office space in the West End of London by agreeing a deal to purchase several properties in Mayfair.
Planning consent was achieved by the company back in April 2011 in relation to what will be mixed-use development incorporating roughly 91,000 sq ft of offices. The site earmarked for the project overlooks Green Park in what is one of the more exclusive districts of London and where average office rental rates are among the most expensive anywhere in the world.
The properties are referred to collectively as Clarges Estate, which covers addresses at 6 to 12 on one side of Clarges Street and numbers 82 and 84 on Piccadilly. The acquisition price agreed upon by British Land and the selling party was just below £130 million, with the deal expected to finalise before the end of the year.
“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,” said Tim Roberts, head of offices at British Land.
“The scale of development will create a landmark building and will further enhance British Land’s presence in the West End,” he added.
In addition to the creation of thousands of square feet of new offices in the West End, British Land has said it intends to create a series of retail outlets and luxury residential properties in place of what will soon be its buildings in Mayfair.
British Land is heavily involved in some of the most high profile developments of office space in London, including the construction of a new headquarters for the Swiss bank UBS in the City and a 610,000 sq ft office tower in the heart of London’s primary insurance district.