The Pollen Estate has completed the £40m acquisition of Burlington Gate Galleries in Mayfair, W1, from Native Land.
The deal to acquire the Rogers Stirk Harbour+Partners-designed building (pictured) was struck in December 2014 but was subject to Native Land’s completion of the development.
The 83,000 sq ft, nine-storey scheme includes 25,000 sq ft of gallery space, 42 flats and the first newly built arcade in Mayfair since the 1930s.
The gallery space encompasses three floors of varying sizes: 11,882 sq ft in the basement, 8,716 sq ft on the ground floor and 2,567 sq ft on the first floor. Most of the galleries have 4m ceiling heights.
The range of sizes of the space is designed to meet the diverse and changing needs of gallery operators in Mayfair, where many prospective occupiers require a choice of floor spaces, flexible layouts and differing ceiling heights.
Julian Stocks, chief executive of the Pollen Estate and partner at Knight Frank, said: “This acquisition, combined with our own Cork Street Mews development, will provide more than 44,000 sq ft of new galleries to London. Our aim is, working with the art community, to ensure that Cork Street becomes again the premier location in the world for successful modern and contemporary art gallery businesses.
“Native Land has developed a first-class building, comprising some excellent new galleries. We are now focused on finding some exciting gallery businesses to occupy both sides of Cork Street.”
The Pollen Estate is a major owner in east Mayfair and is committed to working collaboratively with stakeholders to improve the area’s public realm, yet preserve the historic and artistic character of the area both on Cork Street and Savile Row.
Native Land acquired Burlington Gate in a joint venture with Hotel Properties Ltd and Amcorp Properties Berhad in 2012.
Knight Frank advised the Pollen Estate.
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