Standard Life Investments has received planning permission to develop 23 King Street, St James’s, London.
The project, on behalf of its Pooled Pension Property Fund, involves the refurbishment of the existing freehold office building to create 44,255 sq ft of Grade A office accommodation – an increase in the existing floor area of 32%.
As part of the refurbishment, the façade will be completely upgraded, an additional floor will be constructed and a contemporary double-height reception area created.
Fund manager David Stewart said: “We are delighted to have received planning permission for such an exciting project within the St James’s Conservation Area.
“Despite recent volatility, the core West End office market remains resilient and we anticipate delivering the project into an improving occupational market where the supply of Grade A accommodation will remain constrained.”
Work will commence in March 2012 and is expected to be completed in mid-2013.
bridget.oconnell@estatesgazette.com
