INDUSTRY NEWS

Indiabulls snaps up Mayfair office space at 22 Hannover Square

Indiabulls Real Estate is reported to have snapped up a major Mayfair London office for £155m.

The Indian developer has purchased 22 Hanover Square from Scottish Widows Investment Partnership.

The 87,444 sq ft of Mayfair office space was originally put up for sale in April at a valuation of £130m. The building is currently home to JLL, but the service and investment management group will now consolidate its offerings out of 30 Warwick Street in Soho.

Indiabulls Group chairman, Sameer Gehlaut, said due to it’s close proximity to the new Bond Street Crossrail – the station is 50 metres from the office – 22 Hannover Square was ripe for development.

He said: “The building’s location in prime Mayfair adjoining Bond Street is truly exceptional and Hanover Square will become arguably London’s ‘best connected’ square when the new Bond Street Crossrail station opens in 2018.

“The building has huge potential for redevelopment.”

Indiabulls Real Estate is part of Indiabulls Group, one of India’s largest real estate and development companies. The firm has a number of projects spread across varying elements. In London, it purchased 9 Marylebone Lane in 2012.

The transaction is the the third major deal involving London property and an Indian property firm in the last year. Lodha Group bought two properties , McDonald House for a reported £300m back in November 2013 and more recently snapped up a property on Carey Street.

By: Kirsty MacGregor

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