Planning consent has been secured from Westminster City Council on a flagship mixed-use retail and office scheme in the heart of London’s West End, designed by Orms for Hines. The asset is located with dual frontage to both 80 New Bond Street and 325 Oxford Street.
The existing 37,414-square-foot asset arranged over lower ground, ground and five 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 remodelled scheme, which will retain a significant retail presence at ground and first floor level, transforming it into double-height 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.
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 modelling software will establish the best materials and fabric build-ups 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.