This project at Grosvenor Place was an excellent example of our ability to adapt and innovate at Curzon Land.
It involved a 55,000 square-foot derelict office building facing onto Grosvenor Place next to the site of the new Peninsular Hotel.
It was held on a long leasehold and it was listed and had been standing derelict for around 12 years.
It comprised of two very grand former town houses that had been knocked through and it retained some fine period features, but the majority of the space had been stripped and was essentially a blank canvas.
Our client had been presented the opportunity by a broker and they tasked us with facilitating its acquisition.
This process involved not only determining the property’s value, but also the structuring of a joint venture deal with a local operating partner who was going to manage the redevelopment.
The initial joint venture plan fell through and I was re-engaged to help explore the optimal and most profitable use of the property.
Our first iteration was to look at providing serviced office space and rather than operating it in-house, we interviewed a number of very good serviced office operators, some of which marketed their offer as being a ‘club’.
This inspired a shift towards establishing a private members’ club and so we began looking into this idea, envisioning the availability of extensive food and beverage options along with ample workspace for members.
Our next job was to source a club manager who was capable of crafting a unique proposition and launching the club in a competitive market.
Wanting to keep the number of consultants to a minimum, we opted for the larger multi-disciplinary firms to provide design, architecture, engineering, planning, mechanical and electrical services and all the specialisms required to construct what was essentially a new building within the neglected listed shell.
In addition to assembling a talented team of technicians, we had to secure planning permission, which was another significant hurdle as the proposed use was in conflict with the local plan.
Nevertheless, through a strategic planning approach and the aid of a professional lobbying firm to garner support from local interest groups, we managed to secure the necessary change of use and listed building consent on our first attempt.
Negotiations with the freeholder were also essential, not just to alter the ground lease for the new purpose but to reclaim old under-pavement vaults, which proved crucial for the placement of plant and machinery.
This comprehensive process from acquisition to planned redevelopment showcases the complex yet rewarding nature of the logistics behind transforming historic properties and it was particularly enjoyable and fulfilling for us here at Curzon Land.
If you’re interested in investing in UK-based commercial or residential property, or you’re looking for an owner’s representative with the relevant experience to take on substantial projects, look no further than Curzon Land, and please don’t hesitate to contact us at cgreen@curzonland.com or at +44 (0)7948 979 490.
