Construction commenced on Mitsui Fudosan's new mixed-use scheme at 5 Hanover Square in London's West End on 6th December. Practical completion is expected in the first half of 2012.
The former Japan Airlines building has been demolished to make way for a brand new 86,000 sq ft building providing 67,000 sq ft of office space together with 10,000 sq ft of retail and five apartments. On the other side of Hanover Square, work is underway to build the new Crossrail Bond Street station.
Mitsui Fudosan purchased the freehold of 5 Hanover Square in 2008 and is funding the redevelopment which is being carried out jointly with Stanhope. Mitsui Fudosan is a 15% stakeholder in Stanhope and this scheme will be its first direct development project in UK.
Designed by architects Squire and Partners, the scheme applies modern and sustainable building methods and architecture within a classic Georgian setting and has achieved a BREEAM "Excellent" rating. Both the interior and exterior of the building will incorporate sophisticated and striking design features including a significant piece of public art designed by emerging Italian artist Esther Stocker.
Hideto Yamada, Managing Director of Mitsui Fudosan (UK) Ltd, commented: "We are delighted to begin this major development at the right time in the market, which will provide a new landmark mixed-use building of the highest quality in a location of significant importance for the Central London market. We look forward to working on our first development with Stanhope to successfully expand our business in the UK."
