Hines has secured planning consent from Westminster City Council for its proposed flagship mixed-use retail and office scheme in the heart of London’s West End, located with dual frontage to both 80 New Bond Street and 325 Oxford Street. The highly sought after 37,414ft² building arranged over lower ground, ground and six upper floors was acquired on behalf of the Hines European Value Fund 2 (HEVF 2) in February 2020.
The planning consent will enable Hines to proceed with plans for a remodelled scheme, which will retain a significant retail presence at ground and first-floor level, transforming it into double-height space to meet the exacting requirements of contemporary retail occupiers. The scheme will provide a total office area of 31,000ft² NIA (Net Internal Area) with floorplates ranging from 3,000 to 6,500ft² NIA, and a large communal roof terrace of 1,100ft². The office entrance will be repositioned on to Dering Street, incorporating a dedicated, spacious reception area.
Jake Walsh, Managing Director, Hines UK, said: “We’re pleased to receive planning consent which gives us the green light to proceed with our exciting plans for this development. It is probably the best micro-location in London’s West End, with Oxford Street and Bond Street amongst the world’s most iconic and popular retail streets. The double-height shop fronts will provide a unique shop window for any global brand in an unparalleled location.”
Designed by the award-winning Orms Architects, the scheme is targeting BREEAM Excellent with ambitions of achieving Outstanding. It is also aiming for WELL Platinum Ready and Wired & Smart Score Platinum.
Refurbishing instead of redeveloping the building will save c800kgs of CO2 per m², underlined by a commitment to offset the next 30 years of operational carbon. Its environmental features include the minimizing of embodied carbon through use of low carbon materials and refurbished floor tiles, while carbon modelling software will establish the best materials and fabric buildups to reduce embodied carbon. The refurbishment work will begin this summer with full completion and the retail and office units ready for occupation anticipated in the spring of 2023.