Davies Street development
Stow and Grosvenor, in joint venture, have been granted planning consent to develop a landmark building at 29-37 Davies Street, Mayfair.
Stow, and its partner Grosvenor, have secured this consent for an office and retail new build at one of Mayfair's best addresses. HOK architects and DP9 planning consultants developed a design for a contemporary building which is set to provide 38,000 sq ft of space, split by 30,000 sq ft of offices and 8,000 sq ft retail. This followed a wide ranging period of consultation with Westminster City Council and English Heritage, as well as other stakeholders. The designers' challenge to meet Stow and Grosvenor's brief for a timeless yet contemporary building, using traditional materials, has been well met by all parties.
29-37 Davies Street is co-owned by Stow and Grosvenor, with the partners having restructured the ownership to promote re-development through a 50:50 joint venture. Construction of the £50m scheme is to start on site in July 2011, completing in September 2013. With few schemes set to complete in 2013, the development will be timed into a market cycle which shows an increasingly short supply of new build grade A offices in the core West End market.
Commenting on this excellent news, Julian Milne, Managing Director of Stow, said: "Our investment focus is on the prime locations of the West End where we are seeking to expand our existing portfolio. This will be our second joint development with Grosvenor and we look forward to building on the success of our earlier partnership to develop this next-generation building and create a West End investment of the highest quality."
For further information please contact
Julian Milne, Stow Securities
jrm@stowplc.com
+44 207 409 7400
For more information about the development click here