Derwent London plc - Redevelopment of 1-5 Grosvenor Place, London SW1

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Slaughter and May advised Derwent London plc on its Memorandum of Understanding with Grosvenor to form a partnership to consider the redevelopment of 1-5 Grosvenor Place, London SW1. The 1.5 acre plot, next to Hyde Park Corner, offers the opportunity for a substantial mixed-use redevelopment, likely to combine a luxury hotel with commercial and residential uses.

The existing building is held under long leases by Derwent, with the freehold held by Grosvenor and, subject to planning consent, the redevelopment could commence in 2014.

Derwent London plc is the largest central London focussed REIT with an investment portfolio of £2.6 billion comprising 5.4 million square feet.

Commercial Real Estate: John Nevin (partner), David Seymour (associate); Tax: William Watson (partner), Ruth Evans (associate)