10 Grosvenor Street London, Hammerson Office Property Development, Location, Architecture, Owner

10 Grosvenor Street Building

Mayfair London Offices, England, UK – W1 HQ Development for Hammerson

13 Aug 2005

10 Grosvenor Street London

Address: 10 Grosvenor Street, London W1

Size: 6,300 m²
Completion: December 2003
Ownership: Hammerson 50%/Grosvenor 50%
No of tenants: 5
Tenure: Leasehold
Average rent: £690/m²

Developed in joint venture between Hammerson and Grosvenor, this six-storey Mayfair office building was completed in December 2003. It houses the 4,000 m² headquarters of Hammerson. Associated British Foods occupies the top two floors of the building, with LDFM occupying the third floor. The scheme includes 830 m² of retail space on the ground floor.

Mayfair London Property Information from Hammerson PR in 271107

30 Aug 2005

10 Grosvenor Street Office

Hammerson Head Office Relocation to 10 Grosvenor Street

Hammerson plc will be relocating its UK headquarters to 10 Grosvenor Street, London W1, from its current location at 100 Park Lane, London W1.

30.08.2005 – 10 Grosvenor Street, which comprises 5,900 m² (63,500 ft²) of office and retail space, was developed by The Grosvenor Street Limited Partnership, a 50:50 joint venture between Hammerson plc and Grosvenor. Hammerson has signed a lease with the Partnership for 3,960 m² (42,600 ft²) of office accommodation on the lower ground, ground and first to third floors of the six storey building, at an average rent of £679 per m² (£63.10 per ft²), following an average rent free period of 16 months. The lease term is 15 years with a tenant’s break option on the tenth anniversary.

Grosvenor St in Mayfair, West End:
Grosvenor Street Mayfair, London W1
photograph : David P Howard / Grosvenor Street

Following the signing of this lease, the office space in this property development is fully let. It is anticipated that Hammerson will take occupation of the building in summer 2006. Hammerson initially plans to sublet 1,040 m² (11,200 ft²) of space on the third floor.

Hammerson currently occupies 100 Park Lane under a lease from Grosvenor, which owns the freehold. The parties have agreed to dispose of a long leasehold interest in 100 Park Lane, for which consent has been granted for either a major refurbishment as offices or for residential use. Under the terms of this agreement, Hammerson will receive around 40% of the sales proceeds. Savills, the leading international property services group, has been instructed to market the building on behalf of the joint vendors.

John Richards, Chief Executive of Hammerson plc, said:

“Hammerson has shown substantial growth in the last few years and 100 Park Lane, which the group has occupied since 1970, no longer meets the group’s requirements. 10 Grosvenor Street will provide Hammerson with modern, efficient office accommodation and the flexibility to expand in the future. The move also enables us to work with Grosvenor to unlock the value of 100 Park Lane.”

Associated British Foods plc occupies 1,410 m² (15,150 ft²) of space on the top two floors of 10 Grosvenor Street.

1-10 Grosvenor Crescent:
1-10 Grosvenor Crescent London
photo : Stephen Richards / 1-10 Grosvenor Crescent

Location: Mayfair, West London, England, UK

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