Legal & General Property, on behalf of its Life Fund, has appointed MAKE Architects, Ken Shuttleworth's creative architectural practice, to kick start plans for the major redevelopment of 7-10 Hanover Square.
The scheme forms part of its pipeline of projects which plan to take advantage of favorable market conditions going forward and the comparative resilience of the central London office sector.
Following on the heels of its success at Central Saint Giles, Hanover Square forms part of the pipeline of central London, grade-A office based projects that LGP is working on over the next few years.
Earlier this year LGP unveiled plans for 6 Agar Street, its high profile, £65-million Covent Garden office development, which is on site and expected to be delivered to the market in 2012. LGP also announced in September that it had purchased 76-88 Wardour Street on behalf of its Managed Fund, where it proposes to undertake a comprehensive refurbishment of the office element to deliver 33,000 ft² (approx. 3,000 m²) of new grade A space over the upper five floors in Q1 2013.
Located in what is expected to become one of Mayfair's most sought after squares, 7-10 Hanover Square is a tired 1950s/60s office-dominated building which comprises 40,000 ft² of space, spread over the ground floor and six upper storys.
It is currently let on leases which are due to expire by 2014 when LGP hopes to have secured planning for a carefully considered, high quality, office-based scheme that complements its surrounding area and the wider regeneration that Crossrail is expected to bring. LGP proposes to commence work on site shortly after securing the full vacancy of the building and the project will target completion in 2016.
The prime office building is located in the north east corner of the square and situated directly opposite the planned Crossrail station, which is currently due to be fully operational in 2018. Following the full operation of Crossrail, the property will be within 28 minutes' reach of Heathrow Airport as well as benefitting from fast connections to the City and Canary Wharf.
Commenting, Nigel Fuller, Senior Fund Manager at Legal & General Property, said: "7-10 Hanover Square provides us with the opportunity to deliver high quality office space in a prime West End location, where the market remains constrained in supply.
"We are also confident that the building's proximity to a Crossrail station will further contribute to its appeal and that Hanover Square will become the premier West End square."
Simon Wilkes, Head of Development at Legal & General Property, added: "On the back of Central Saint Giles, and following plans for Agar Street and Wardour Street, 7-10 Hanover Square will provide much needed, high quality office space in the heart of the West End. Armed with extensive in-house development capabilities, we aim to deliver an attractive office scheme to the market in 2016."
Jones Lang LaSalle has been appointed to the role of development and letting agent on the scheme, whilst Mace is the project manager on the scheme, WSP Group will act as engineers and EC Harris will act as cost consultants. Gerald Eve is acting as planning consultant.
Source: FTI Consulting