The redevelopment will provide 62,800 sf of new space - almost 50% more than the building currently on site. Westminster City Council has given planning consent for 54,000 sf of new offices and 8,800 sf of retail in four units on ground and lower ground floors.
Hammerson has owned the long leasehold interest in the existing 40,000 sf building since 1993, and the freeholder Grosvenor has granted a new 150-year lease to the joint venture at a peppercorn rent.
Jeremy Titchen, Grosvenor's Commercial Director said: 'This is an exciting redevelopment opportunity for us in partnership with Hammerson. It fits with our strategy of actively managing our landholdings in central London.'
Construction is expected to start in August 2001, with completionscheduled for Autumn 2003.
Letting agents for the office space at 9/13 Grosvenor Street will be Knight Frank and Jones Lang LaSalle.
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