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Morgan Pryce is regularly updating its followers and readers on the current situation of office space in London. At the moment we have been advising our readers that there is a sever lack of office supply in the market at present, due to many different reasons, such as the halt in developments over the past years since Lehman & Brothers fell into bankruptcy in 2008. As well as the issue surrounding the conversion of office use into residential and more recently the conversion to leisure facilities such as hotels. We are seeing blocks of offices, both small and large and especially in the West End being converted from office space.
A Hong Kong hotel group has agreed with Derwent London to a half stake in a site on Hyde Park corner for £132.5m, this site was originally a block of offices. Peninsula Hotels is to buy Derwent London’s 50 per cent interest in 1-5 Grosvenor Place to proceed with a new venture with the freeholder, Grosvenor. Derwent originally planned to create a mixed use scheme along with Grosvenor but have now decided to sell it on as they have realised the building is better suited to a major hotel project.
Peninsula have nine hotels in Asia and the US, and are to open its first hotel in Europe this year – which will be in Paris. The block in Hyde Park will be Peninsula’s first UK project. Peninsula is now working with Grosvenor Estates to turn the block of 1960’s offices into a luxury hotel.
Morgan Pryce is a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.