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MXD 54,000-SF Development Gets Approval

LONDON-The eight-story 1 Grafton St. development project will bring 54,000 sf to an area with high demand and high prices.

By Michelle Deakin | Updated on March 04, 2008

LONDON-The world’s most expensive office market is getting some new office space. The international real estate firm Hines has been awarded planning permission for a mixed-use, eight-story development at 1 Grafton St. in London’s Mayfair district.

The building, designed by the London architectural firm Hamilton Associates, will consist of 54,000 sf of prime retail, residential and flexible office space. It will include 26,000 sf of office space on six floors. The renovation will cost $546 per sf, or about $30 million.

Hines acquired the building in 2007 on behalf of its European Value Added Fund. Known as 1-11 Hay Hill, it is located on the corner of Grafton Street and Hay Hill, in the heart of the exclusive Mayfair district in London.

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