In a trend which is likely to continue across prime central London and which has recently been seen at schemes such as Battersea Power Station, SW8; New Scotland Yard, SW1 and the Clearings, SW3, 22 Hanover Square, W1 has gone back to the drawing board to provide more but smaller homes – more than double the number originally envisioned.
Initially granted consent around a year ago to provide 41 homes and a 51-bed hotel, revised plans submitted to Westminster Council now reveal developer Eros want to build 88 homes as well as a 53-bed hotel.
The application states: “The consented scheme provides residential accommodation which typically comprises large apartments extending over the full width of the building.” However, it goes on to state the scheme has a requirement for a greater proportion of smaller residential units.
Recent stamp duty changes mean buyers at the very top of the market have disappeared somewhat, with developers now planning more units, with lower capital values in order to prevent sales drying up.
The scheme, on the south-west corner of Hanover Square in the heart of Mayfair will see the loss of around 118,000 sq ft of office space. DP9 is acting on behalf of developers Eros. The site was acquired in 2014 from Aberdeen for £155m.
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