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Hanover Square Estate

Hanover Square Estate

CGI: Great Portland Estates
View to the development from Hanover Square, no. 21 covered up on the right.

View to the development from Hanover Square, no. 21 covered up on the right.

June 1, 2011

Hanover Square Estate

Address:
20 Hanover Square, London W1S 1JY
Type:
Mixed use
Completion:
2018
Area:
223,600 sq ft
Flats:
6
Viewed:
5171

Description of Hanover Square Estate

Hanover Square Estate is a 205,000 sq. ft. development at Hanover Square, in the West End.

Designed by leading London architects Lifschutz Davidson Sandilands, the proposed scheme is a comprehensive Masterplan for GPE's 1.3 acre site bounded by Hanover Square, Tenterden Street, New Bond Street and Brook Street in Mayfair. The development will be carried out around the Eastern ticket hall of the Bond Street Crossrail station on the North-West corner of Hanover Square. GPE's proposals for the area will provide two new buildings, and the refurbishment of the Grade II* listed Georgian building at 20 Hanover Square. The buildings will include high quality offices, international standard retail space on New Bond Street and six residential apartments on Brook Street.

Importantly GPE will also provide a new public Square as part of the proposals including new pedestrian links between New Bond Street, Brook Street and Oxford Street, to the north of the site. The existing buildings on the site will be demolished over the next two years to make way for the new development.

The development scheme is owned in 50:50 joint venture, Great Portland Estates with the Hong Kong Monetary Authority.

Source: gpe.co.uk

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News & Comments: (6)

Buildington
2017/01/26 12:30

The demolition of the New Bond Street buildings at Hanover Square is now complete, reports Great Portland Estate.

Negotiations with Crossrail are ongoing to allow further access to the site, such that should market conditions be supportive, GPE can commence elements of the construction ahead of completion of the station structure by Crossrail in 2018.

Source: Great Portland Estates Trading Update for the quarter to 31 December 2016 www.gpe.co.uk

Buildington
2016/11/18 16:54

Great Portland Estates is currently demolishing the buildings at Hanover Square facing New Bond Street on the western
side of the site. These limited works will give the option, should the market be supportive, to accelerate the construction programme for the wider scheme ahead of delivery of the station structure by Crossrail in 2018.

The development is owned in the GHS Partnership, the 50:50 joint venture with the Hong Kong Monetary Authority.

Source: Great Portland Estates plc half year results, six months ended 30 September 2016 www.gpe.co.uk

Buildington
2015/07/08 16:23

Developer Great Portland Estates (GPE) coninues to work with Westminster at Hanover Square to further improve the 223,600 sq ft prime mixed-use development by pedestrianising the western side of the square and enhancing the public realm.

GPE hopes to submit a highways application for the improvements later this summer.

Source: Great Portland Estates trading update for the quarter to 30 June 2015.

Buildington
2015/05/22 09:43

GPE has obtained a revised resolution to grant planning for the mixed-use development scheme at Hanover Square, which will now deliver 223,600 sq ft of space and enhanced urban realm. The development scheme is owned in 50:50 joint venture with the Hong Kong Monetary Authority with a potential start upon delivery of the station structure by Crossrail.

Source: GPE Annual Results 2015 www.gpe.co.uk

Buildington
2013/11/07 11:13

Great Portland Estates plc (“GPE”) has formed a new 50/50 joint venture, the GHS Limited Partnership ("GHS"), with the Hong Kong Monetary Authority ("HKMA") to own and develop the Hanover Square Estate in the heart of London's West End.

GPE has transferred properties forming part of the Hanover Square Estate to GHS for £202.0 million and the Partners intend to develop the site in accordance with an existing planning permission for Grade A office, retail and residential accommodation with a target delivery date of 2018. Part of the site is owned by Crossrail who are developing the eastern ticket hall of the Bond Street Crossrail station. GHS has the benefit of an agreement to acquire long-leasehold interests in this element of the site once Crossrail has completed construction of the station structure, currently anticipated to be during 2016.

GPE was granted planning permission in 2011 for a 208,000 sq. ft. redevelopment incorporating the new Crossrail station. Once completed, the scheme will provide 163,500 sq. ft. of Grade A office accommodation across three buildings, the majority of which will be in a new Grade A building above the Crossrail station, fronting Hanover Square. In addition, the development will deliver 32,700 sq. ft. of prime retail and restaurant space predominately fronting New Bond Street and 6 residential units totalling 11,800 sq. ft. at the junction of New Bond Street and Brook Street. The entire development has been planned around a large new public piazza, accessible from New Bond Street, Hanover Square, Brook Street and Tenterden Street.

The site was assembled by GPE in a series of acquisitions between mid-2006 and mid-2007. Following site assembly, GPE worked closely with Crossrail and Westminster to enhance the potential of the site, the station and the public realm and, in March 2011, signed a revised agreement with Crossrail to this effect and subsequently secured planning permission.

The sale will result in a small increase to the group’s most recently published NAV per share. GPE will act as both asset and development manager to GHS.

Toby Courtauld, GPE Chief Executive commented “Our Hanover Square holdings represent one of the most exciting development opportunities in the West End and our partnering with an organisation of the calibre of HKMA is a strong endorsement of this project’s potential. We look forward to working with the HKMA team to deliver this world class development.”

Source: Great Portland Estates www.gpe.co.uk 7. November 2013

Buildington
2011/06/12 19:05

Great Portland Estates plc (“GPE”) has received resolution to grant planning permission from Westminster City Council (“WCC”) for its proposed 205,000 sq. ft. development at Hanover Square, in the West End.

Designed by leading London architects Lifschutz Davidson Sandilands, the proposed scheme is a comprehensive Masterplan for GPE’s 1.3 acre site bounded by Hanover Square, Tenterden Street, New Bond Street and Brook Street in Mayfair. The development will be carried out around the Eastern ticket hall of the Bond Street Crossrail station on the North-West corner of Hanover Square. GPE’s proposals for the area will provide two new buildings, and the refurbishment of the Grade II* listed Georgian building at 20 Hanover Square. The buildings will include high quality offices, international standard retail space on New Bond Street and six residential apartments on Brook Street.

Importantly GPE will also provide a new public Square as part of the proposals including new pedestrian links between New Bond Street, Brook Street and Oxford Street, to the north of the site. The existing buildings on the site will be demolished over the next two years to make way for the new development.

Neil Thompson, GPE Portfolio Director, said; “We are delighted to have received support from WCC for this unique scheme. Working closely with the WCC Planners and our development partners at Crossrail, we have secured an opportunity to deliver world class retail and office space around a new public square, and with exceptional transport links, all in the heart of the West End.”

Source: gpe.co.uk 24.05.2011

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