Hermes Real Estate is putting a prime development site on the market - it has appointed Jones Lang LaSalle to sell 7-8 St James Square.
The site is a rectangular block on the north-east corner of St James's Square, just a stone's throw from Cleveland House, which was developed by Patrick Despard’s City & West End Developments. City & West End was appointed by Hermes last May as development manager at the block it is selling.
The Eric Parry-designed St James’s scheme was granted full planning permission in February by Westminster City Council. It involves 80,000 sq ft of offices and three residential units.
Space at neighbouring 12 St James’s Square, recently launched by Irish developer D2, is expected to command more than £100/sq ft.
Tim Turnbull, director of Hermes’ commercial property division, told Property Week: ‘In 2004-5, we acquired more than £500m of office exposure in central London. This has performed beyond our expectations.
‘We currently have in excess of half a million square feet of development in central London at the moment, hence this decision. If whoever buys the site wants to work with City & West End, then the development team is already there and ready to go.’
Hermes is developing a number of schemes in the City, including 20 Gresham Street, Finsbury Circus and a smaller scheme in Eastcheap.
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