Lothbury Investment Management Limited, on behalf of Lothbury Property Trust, has gained planning permission from Westminster Council for an extension and alterations to the landmark office building at One Stanhope Gate in London’s Mayfair.
The plans involve the addition of two additional floors to the building, along with a new rooftop terrace, façade alterations and internal reconfiguration of the ground floor and the cores, with the intention of updating the building for the next stage of its life.
An additional seventh floor is being created to house the building services. This has been designed so that it is not visible from any street level views and occupies the minimum space required. Upon completion, One Stanhope Gate will comprise 35,750 sq. ft. across six floors of Grade A office accommodation, increased from 32,850 sq. ft.
Mark O’Mullane, Director at Lothbury Investment Management Limited, said: “As well as being a highly desirable building in an unrivalled Mayfair location, One Stanhope Gate was the first direct development by Lothbury Property Trust back in 1999. The planning consent is in line with the fund strategy of repurposing prime assets to add value and respond to modern occupier requirements.
A major refurbishment and extension will enable us to enhance the value and liquidity of this prime asset, improving its sustainability credentials to achieve a BREAAM Excellent rating once complete.”
The architects for the scheme are award winning architects and interior designers, Marchini Curran Associates (MCa). Des Curran, director of MCa, said: “Materials have been selected carefully to ensure visual cohesion with the surrounding buildings”.
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Lothbury Investment Management Limited is the manager of the Lothbury Property Trust ("LPT") and the Lothbury Global Feeder LP ("LGF") (together, the “Funds”). LPT is a sub-fund of the Lothbury Global Institutional Funds, which is regulated by the Central Bank of Ireland. LGF was established as a limited partnership in Jersey under the Limited Partnerships (Jersey) Law 1994 through the filing of a declaration of limited partnership. The Funds are alternative investment funds (“AIFs”) for the purposes of the Alternative Investment Fund Managers Directive (2011/61/EU) (the “Directive”). LIM has been appointed and acts as alternative investment fund manager (“AIFM”) in respect of the AIFs. For these purposes, LIM is authorised and regulated in the United Kingdom by the Financial Conduct Authority for the purposes of managing unauthorised AIFs (and for various other activities). The Funds are also unregulated collective investment schemes for the purposes of the United Kingdom Financial Services and Markets Act 2000 (the “Act”).
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