West End success for SWIP development
Only five months since its launch to market, SWIP has seen unparalleled levels of lettings at its prestigious re-development in Mayfair, London, in spite of the difficult property market conditions.
14 St George Street, Maddox Street and 50 New Bond Street comprise 120,000 sq ft of mixed use offices, shops and townhouse apartments. The re-development combines a brand new elevation designed by award winning architect, Eric Parry, set against listed facades, creating a development that more than matches its top Mayfair address - traditional on the face of it, state of the art on the inside and uniquely sustainable to its core.
Kleinwort Benson, the leading UK and Channel Islands Wealth Manager has taken the whole of the St George Street office development - 50,000 sq ft on a 10 year lease. The deal with Kleinwort Benson is likely to be the largest letting deal in the core West End since 2005, excluding lease renewals. It's unusual to see a letting of this size, and added to this, a City tenant and a highly regarded one, is moving to the West End.
Kleinwort Benson is currently based in the City, but with new owners RHJ International were keen for the private bank to be based in Mayfair. The building met its requirements for a high quality self-contained building with a traditional feel, discreet entrance and all the required specification.
The retail units and residential apartments as part of the St George Street development are located on Maddox Street. Four of the six retails units have already been taken and all eighteen apartments have been sold at asking price. Again there was very quick take-up of the flats with a mix of owner occupier and buy to let.
A major architectural feature of 50 New Bond Street is the striking façade. Polo Ralph Lauren has taken the top two floors, Atomico the third floor and Varde the second floor. Only the first floor of 7,000sq ft is still available, effectively 20% of the 33,300 sq. ft. total and interest is high in the remaining floor.
The prime retail unit of 12,000 sq ft over ground and basement on Bond Street has been snapped up by Mulberry who will be using it as their flagship store. The other unit in the scheme which remained open throughout the redevelopment is let to Russell and Bromley trading as F.Pinet.
Darryl Tidd, Investment Director, Property, SWIP said: "What we have with New Bond Street and St George Street is a prime development, in a prime location, attracting high calibre tenants. We have taken an innovative approach to this development - we've added another storey to St George Street which has created three times as much accommodation, have married the old with new and made sustainability a focus at the heart of the project. The response in terms of lettings, taking into account market conditions, has been very quick and highly favourable."
The buildings have a mixed and interesting history. St George St was formerly a work house in the 18th and 19th centuries. More recently, the Beatles recorded ‘Your Mother Should Know' as part of the Magical Mystery Tour at Chapell Recording Studio based at 53 Maddox St. 46A Maddox St was the home to Rolling Stones Inc and a letter dated 1969, with the said address, was sent from Mick Jagger to Andy Warhol about the iconic design of artwork for the Sticky Fingers album. Maddox St is now part of the St George St development.