Legal & General Property (L&G), on behalf of its Life Fund, has gained consent for its office and residential redevelopments of 7-10 Hanover Square and 103-109 Wardour Street in London’s West End. Gerald Eve advised L&G on planning for both.
The Make Architects-designed Hanover Square development will replace a 1950s office building with a 56,000 sq ft office-led property of which 9,300 sq ft will be shops or restaurants. The office element will provide typical floors of 8,200 sq ft. To the rear of the building on Princes Street, a 6,500 sq ft residential building is planned.
Construction will begin in August 2014 with completion expected in March 2017.
At 103-109 Wardour Street, L&G’s plans for a 15-flat Sheppard Robson-designed residential scheme were also backed by Westminster city council as the off-site housing for Hanover Square.
Gerald Eve planning partner Lisa Webb said: “The proposed schemes optimise the development potential of both sites. Westminster’s Planning Committee welcomed the Hanover Square building considering it will be a fantastic addition to the Square. The residential accommodation at Wardour Street will provide new high quality homes in the heart of Soho. Both are important sites for Legal & General, who are delighted with the decisions.”
L&G said it had continued to grow its significant development capabilities over the last few years, through a number of strategic hires and further integration into the platform’s transactional processes and as such has been one of the most active funders of development, a trend that it sees increasing further over the next few years.
In particular, on the office side, L&G said the future of London is “very positive and the engine of UK recovery, with a weight of global capital continuing to favour stabilised Central London assets and smart fund managers being those that retain the in-house development skills necessary to participate in and support this process”.