Terrace Hill and Aerium have received planning permission to redevelop two 1960s properties into Mayfair office space.
Located at 49-51 Conduit Street and 24 Savile Row, the properties are set to be redeveloped to create a six-storey property that will provide around 22,500 sq ft of Grade A office space, as well as 9,000 sq ft for retail amenities.
Work on the development is set to commence in the spring, with the offices set to be ready by summer 2013.
The two properties were originally purchased by Terrace Hill and Aerium last year from Prupim.
Commenting on the scheme, Robin Carr, Aerium’s UK fund manager, said: “With a shortage of high quality office space both in terms of current supply and that forecast to come in 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.”
Rob Lane, development director at Terrace Hill, was delighted at receiving planning permission for the scheme.
He said: “We are delighted to have secured consent for this flagship scheme. 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.”
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