Grosvenor and Derwent establish joint-venture sign-up to redevelop prime 1.5 acre west London site
Developers Grosvenor and Derwent have established a joint venture to redevelop a 1.5 acre site near Hyde Park Corner, west London.
In a joint statement, the firms said they intended to undertake a significant mixed-use redevelopment of the properties at 1-5 Grosvenor Place.
The existing buildings comprise mainly offices with a floor space of 168,000 sq ft. They are currently fully occupied, but with lease breaks in 2014 and 2016.
John Burns, chief executive at Derwent London, said: “We are delighted to have formalised our joint venture with Grosvenor. Having assembled the ownership of this site over many years, this initiative unlocks the opportunity for a substantial redevelopment in one of the best locations in the West End. We look forward to working with the Grosvenor team, with their vast experience in the area.”
Giles Clarke, Grosvenor executive director for its London estate, said: “Signing this deal with Derwent London means we can now start working up detailed plans for this important site. This is one of the most exciting development opportunities currently available in prime central London.”