Hines has received planning consent for its proposed mixed-use retail and office scheme in the heart of London’s West End, located with dual frontage to both 80 New Bond Street and 325 Oxford Street.
The highly sought-after 37,414-square-foot eight-story building, arranged over lower ground, ground and six upper floors was acquired on behalf of the Hines European Value Fund 2 (HEVF 2) in February 2020.
The planning consent will enable Hines to proceed with plans for a remodeled scheme, which will retain a significant retail presence at ground and first floor level, transforming it into two-story space to meet the exacting requirements of contemporary retail occupiers.
The scheme will provide a total office area of 31,000 square feet NIA (Net Internal Area) with floorplates ranging from 3,000 to 6,500 square feet NIA, and a large communal roof terrace of 1,100 square feet. The office entrance will be repositioned on to Dering Street, incorporating a dedicated, spacious reception area.
“We’re pleased to receive planning consent which gives us the green light to proceed with our exciting plans for this development. It is probably the best micro-location in London’s West End, with Oxford Street and Bond Street amongst the world’s most iconic and popular retail streets. The two-story shop fronts will provide a unique shop window for any global brand in an unparalleled location,” said Jake Walsh, Managing Director, Hines UK.
Designed by the award-winning Orms Architects, the scheme is targeting BREEAM Excellent with ambitions of achieving Outstanding. It is also aiming for WELL Platinum Ready and Wired & Smart Score Platinum.
Refurbishing instead of redeveloping the building will save c800kgs of CO2 per m2, underlined by a commitment to offset the next 30 years of operational carbon. Its environmental features include the minimizing of embodied carbon through use of low carbon materials and refurbished floor tiles, while carbon modeling software will establish the best materials and fabric buildups to reduce embodied carbon.
The refurbishment work will begin this summer with full completion and the retail and office units ready for occupation anticipated in the spring of 2023.