INDUSTRY NEWS

LGP revamp of Hanover Square office space in Mayfair gets the nod

Planning officers for Westminster City Council have given the nod for an office redevelopment at 7-10 Hanover Square.

Legal & General Property had put forward the plans to overhaul the 1950s/60s building located in Mayfair.

The planned re-development will create around 58,000 sq ft of office space in Mayfair.

The offices will be spread across nine floors, including a basement.

In addition to the office space, the ground floor will feature 9,800 sq ft of retail space and also feature two retail or restaurant units facing the square itself.

On Prince Street, at the rear of the property, there will also be a separate residential building added.

In their report, the planning officers suggested that the proposal would deliver a number of important benefits to the area, as well as a prestigious new office building.

Legal & General Property is a subsidiary of Legal & General Investment Management and is the third largest institutional property manager in the country.

As of September 30 2012, it had funds under management of over £391bn.

The application is set to go before the Council’s planning committee on January 15, with a final decision set to be made that day. Final approval is however subject to referral to the Mayor of London.

News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office, retail and leisure space.

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