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Planning consent has been given to a joint venture between Terrace Hill and Aerium for the redevelopment of as much as 22,500 square feet of London office space in Mayfair, in addition to another 9090 square feet of retail space.
Two buildings at 24 Savile Row and 49-51 Conduit Street were acquired last year by the JV with the intention of converting them the outdated offices into one Grade A office scheme to be completed in the summer of next year, when it is predicted that there will be a great demand for excellent quality office space in the West End of London.
“This is one of three Central London schemes we are currently undergoing as part of a more opportunistic strategy,” says the fund manager of Aerium UK, Robin Carr. “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.”
“We are delighted to have secured consent for this flagship scheme,” notes the development director of Terrace Hill, Rob Lane, who adds that having worked very hard with the Council, the architects and the local stakeholders, they are confident that that the redevelopment plans will be a complement to the existing surroundings of the properties concerned.
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