The construction of the new Elizabeth Line station on Hanover Square continued to advance during 2018. Crossrail has completed the underground structure and is progressing to the ticket hall at street level. As elements of the site have been completed Crossrail have handed them back to GPE to allow us to start building our 221,300 sq ft development.
In October 2018, with the structure of the station complete, our GHS joint venture acquired the remainder of the site through the grant of two new 150 year leases in accordance with the Development Agreement with TfL. This enables the construction of the over station element of the scheme, which we expect to complete in Q3 2020.
Careful site assembly
Our ownership started with one building of only 8,000 sq ft. Over a period of six months, in the year ending 31 March 2007, our specialist local knowledge enabled us to acquire six buildings, totalling 163,000 sq ft, in five separate acquisitions from five different vendors. Two of these acquisitions involved complex swap arrangements.
Since 2007 we have acquired two further buildings, one in 2008, which was the final piece in the site assembly that enabled the development scheme masterplan to begin and one in 2014 which, overlooking the site, will be used to host the marketing suite for the office and retail elements.
Generating value with Crossrail
A significant factor in the successful delivery of the project is the close working relationship we have with Crossrail. Without it, we would not have been able to maximise our masterplan, which would have resulted in a lesser scheme, without many of the public benefits.
We have also been able to coordinate the GPE and Crossrail construction programmes to ensure that we can each progress our works efficiently, as well as minimising the disturbance to our neighbours. Visitors and the local community will benefit from all that the combined project has to offer shortly after the station opens in December 2018.
Creating a new West End destination
Our 224,000 sq ft Mayfair project will be transformational in many ways. It is being built next to and on top of the new Bond Street East Crossrail station and will provide a new pedestrian route and public courtyard connecting New Bond Street to Hanover Square.
The project will re-invigorate this part of the West End, creating world class office space, three-storey luxury retailing along New Bond Street, together with cafes, fine-dining restaurant and high-end residential.
The project has prompted wider benefits with significant new public realm proposed beyond the scheme itself, including a new traffic-free piazza on the west side of the Square, linked with Hanover Square Gardens and improvements to New Bond Street. We are working in partnership with Westminster City Council to help deliver these significant placemaking projects.
Ian Lindsay Land and Property Director, Crossrail
Our long, collaborative working relationship with GPE has ensured a joined-up approach to dense development around major new transport infrastructure with a focus on place-making. With the GPE team, we have worked hard to ensure that our designs interface as seamlessly as possible and by co-ordinating our construction activities, we aim to minimise the disruption to the public.
- Oxford Circus 4 minutes’ walk
- Bond Street 7 minutes’ walk
- Tottenham Court Road 14 minutes’ walk
- Piccadilly Circus 12 minutes’ walk