The fund manager Aerium and the development group Terrace Hill have had their plans approved. They are now preparing to radically redesign office space on Conduit Street and Savile Row in one of London’s most exclusive districts.
Having acquired the site in January 2011, the joint venture partners intend to convert the two 1960s office blocks currently occupying it into a single six-storey Grade A office building.
The redevelopment work is expected to begin in the spring of 2012 and be completed the following summer.
Both parties involved in the project are confident that the delivery of new high-quality offices to rent in Mayfair will prove financially fruitful, given the strong demand for space in the West End of London.
“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,” said Robin Carr, Aerium’s UK fund manager.
“We are delighted to have secured consent for this flagship scheme,” said Rob Lane, development director at Terrace Hill.
“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,” he added.
DTZ’s most recent figures rated London’s West End as the second most expensive place to rent offices globally, behind Hong Kong and just ahead of the City of London.
Editor’s notes: 24 Savile Row was completed in 2015 and achieved a BREEAM ‘Excellent’ rating. The 50,000-square-foot office property is home to G Square Capital and Strutt & Parker real estate agents.
As of June 2024, 4,586 square feet of office space was available for rent at the property and was being marketed by commercial property consultants Simon Korn.