The planning application for a new development of prime office space in Hanover Square and a residential conversion in Wardour Street have been approved, council representatives have announced.
The application was submitted by Legal and General Property to Westminster City Council, who reviewed and approved the plans late yesterday evening.
The secured proposal’s sites – London’s 7-10 Hanover Square and 103-109 Wardour Street – will undergo major redevelopments to bring an abundance of property onto the office and residential markets of the West End in 2017.
The Hanover site sits in what is expected to become one of Mayfair’s most sought after squares, building on the prestige that the neighbouring Crossrail redevelopment will bring on completion. The project will see the addition of 56,000sq ft of prime office development added to the market, with the office scheme set to be spread out over seven floors.
Work on the Hanover site is due to start on August 2014, with completion aimed for March 2017. In addition to the office-complex there will be two restaurants on the ground floor comprising 9,300 sq ft of space, fronting onto the renowned square.
The Wardour Street site, in the heart of Soho, is set to redevelop the upper floors of an office based building into residential living space. Designed by Sheppard Robson, the development will transform 16,000 sq ft of previously used office space into 15 residential units, with two duplex terraced penthouse apartments set to be the stars of the show.
Commenting on the plans approval, Simon Wilkes, head of business space development at Legal & General Property, said: “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 2017.
“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.”
The plans will bolster the record success of London’s property markets in recent times, where the highly anticipated Battersea Power Station Development sold out of pre-lets within four days of going onto market, with recent quarterly reports show buck-trending growth in London’s property markets.
