GE Real Estate and O&H Properties have formed a joint venture to redevelop a series of blocks on Grafton Street and Bruton Street in Mayfair, in what could become the biggest ever development in the area.
O&H has agreed to take a 50% stake in the Grafton Estate, which was owned by Benchmark until it was taken over by GE in April.
The proposed scheme would involve the redevelopment 8, 9-10 and 11-14 Grafton Street, 22-24 Bruton Lane and 6-10 Bruton Street. The redevelopment of the site could provide up to 200,000 sq ft, a rarity in Mayfair where big schemes have proved difficult to achieve because of planning restrictions.
It is understood that O&H has paid around £70m for the Grafton stake, plus two other GE buildings in the area which it has bought outright. The two buildings are 25-28 Old Burlington Street and 7-8 Swallow Street.
Strutt & Parker is advising O&H.