As a result, a two-pronged project will soon start at 7-10 Hanover Square and 103-109 Wardour Street, in the heart of Mayfair – one of the world’s most exclusive property districts.
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The investment firm Legal & General Property (LGP) is financing the redevelopment efforts and has welcomed the approval of the relevant planning applications. Those plans include creating 56,000 sq ft of new offices at 7-10 Hanover and a series of high-class residential apartments at the soon-to-be-renovated site on Wardour Street.
LGP expects London’s primary office space markets to perform well over the next few years and beyond. The new offices at 7-10 Hanover Square are typically to be made available based on floors covering 8,200 sq ft, with completion scheduled for March 2017.
“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,” said Simon Wilkes, head of business space development at LGP.
“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.”
A recent report by real estate advisory firm Colliers International noted that office leasing activity in the West End became relatively subdued in the final three months of 2012. Nevertheless, several significant new deals were struck in the quarter, with LinkedIn letting 45,000 sq ft of new offices in Covent Garden the largest.
Editor’s notes: Morgan Capital completed the redevelopment of 7 – 10 Hanover Square and the adjacent residential building on LGP’s behalf in 2017, with demolition commencing in April 2014.
In August 2014, global investment firm Carlisle Group listed 7 Hanover Square as its London office address.