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21/29 Maddox Street

(Image of 120 Moorgate)
(Image of 120 Moorgate)

A 45,000 sq ft mixed use development in the centre of Mayfair, carried out in conjunction with Norwich Union Life & Pensions. The building includes 26,000 sq ft net of new, state of the art, air conditioned offices, together with two shops, a restaurant and seven apartments.

Construction was completed in 2006 and the building subsequently fully let, with the top three office floors let to Conde Nast at £90 per sq ft.  The retail units are both contemporary art galleries and the Michelin 2 star Hibiscus Restaurant opened to great acclaim - www.hibiscusrestaurant.co.uk.

The residential block was sold, off plan, to a residential investor.

Prior to redevelopment, the five existing buildings were actively managed to enhance cashflow and value, while consent was obtained for the redevelopment. During this period the title was regularised, including the acquisition of an outstanding freehold interest and clarification of rights of way over the property, and one of the properties, 17/19, sold off.

The value of the project, on completion, was some £60 million.

www.25maddoxstreet.com