Property Developers, Native Land, have announced an exclusive plan to renovate 80,024sqft of office space in Mayfair and turn it into a luxury residential scheme which will ultimately be worth £300m.
The office block, which was put up for sale last year by Standard Life, is situated at 30 Old Burlington Street in London’s West End. The scheme is reported to be extremely rare as Old Burlington Street is one of Mayfair’s most exclusive locations.
This deal follows two unsuccessful attempts by Standard Life to sell the property outright. It also marks Native Land’s first purchase of 2012, following it’s 2011 acquisition of Alpha Place in Chelsea; a joint venture with Grosvenor.
The Mayfair residential scheme hopes to develop high-end flats worth £4,000 per square foot. It is also the first of Native Lands developments in the district of Mayfair.
Furthermore, this project is one of many to be planned in the capital. Business centres and office environments are undergoing redevelopment schemes to become residential property, in order to cater to the growing demands of professionals and locals needing living space in business districts.
For more information on Mayfair office space, talk to Search Office Space today on 0800 524 4649 to discuss your requirements.