Czech developer CPI Property has submitted planning for its site at the former Metropolitan Police station at 27 Savile Row, W1, central London.
CBRE consulted on the plans for the eight-storey development at the historic police station, which EG reported to have been sold in a deal understood to be worth more than £50m last year.
Plans show the developer has focused on delivering an office-led scheme. They involve the construction of a new seven storey building plus basement, which is set to offer approximately 72,000 sq ft office floorspace as well as around 8,500 sq ft restaurant space on the lower floors and flexible workspace.
It will also offer amenity terraces, public art and cycle parking, at a development value of between £2m and £100m.
Demolition work for the police station is due to start in early 2023, with construction following in the summer. All building works are expected to be complete by September 2025.
The West End Central Police Station, which opened in 1940, was heralded as one of the most contemporary police stations in the world at the time. However, it was decommissioned in early 2021 and was vacant on possession.
In an accompanying report CBRE said that there is a need for the space due to the flight to quality, as seen by the increased availability of secondary stock. It said: “Quite simply, if the required high standard of building isn’t offered, then the target occupier will go elsewhere.”
The development will be geared toward the banking and finance sector, as: “Over the past decade, financial services companies have dominated take up in Mayfair and St James’s, accounting for 53% of take-up, and a similar share over the past three years,” according to the agent.
CPI Property added the central London asset to its existing UK portfolio, which is valued at more than £200m and includes residential assets in St John’s Wood, Mayfair and Notting Hill. Its wider European portfolio is valued at over €10bn (£8.5bn).
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