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27 SEPTEMBER 2022
A new joint venture between Grosvenor and Mitsui Fudosan UK, the European operation of leading Japanese real estate developer Mitsui Fudosan, has been formed to deliver a key element of a sustainable mixed-use development in London’s Mayfair.
Focusing on the 263,000 sq ft North and South blocks of the South Molton Triangle scheme, the partnership will deliver best-in-class Grade A office space together with a range of retail and F&B outlets at street level.
Grosvenor will deliver the other phases of the project, including community, residential and additional retail elements as well as a new 5* boutique hotel.
Located directly opposite the western entrance of the new Bond Street Elizabeth Line station, South Molton Triangle will provide a gateway into Mayfair enabling the area to become a destination of international significance, welcoming a broader demographic through world leading design and a dynamic mix of occupiers.
Across all its phases, the project will enhance the unique character of Mayfair, preserving historic building façades and retaining the area’s landmarks, including refurbishing The Running Horse pub on Davies Street, whilst investing £8 million in a greener, cleaner more pedestrian friendly public realm. In line with Grosvenor’s sustainability commitments, the project will minimise embodied carbon wherever possible, with offsetting strategies in place to ensure the development is carbon neutral at practical completion.
Over 300 new cycle spaces will be installed to encourage sustainable modes of travel. New trees and greenery will be planted around the scheme to improve biodiversity and the area will be serviced only by electric vehicles to improve local air quality.
Beyond the improved environmental performance, the South Molton Triangle will generate additional spend in the area, creating over 700 jobs in the completed development. The construction phase will create an additional 465 jobs and 80 apprenticeships which will be prioritised for Westminster residents.
Works across South Molton Triangle are programmed to commence in 2023, concluding in 2027.
James Raynor, CEO, Grosvenor Property UK said: “Securing a partner with Mitsui Fudosan UK’s experience and global reach is a huge step forward for South Molton Triangle. They share our ambition to create lasting positive social, economic and environmental impact and have a strong track record both in London and globally.
“The South Molton Triangle, combined with our other developments in Mayfair including the redesign of Grosvenor Square, signals our confidence in the future of the West End. Not only will this project create an exciting new destination with its own unique offer, but it will also bring in additional spending, create jobs for Westminster residents and ensure this area of London continues to be a fantastic place to live, work and spend quality time.”
Tomoo Nakamura, Chief Executive, Mitsui Fudosan UK said: "We are delighted to be partnering with Grosvenor in this unique project which we expect will become an exemplar in mixed-use sustainable development.
“From the outset, our shared heritage and common philosophy of creating value – whilst seeking to build a positive and sustainable environment – has been clear. One of Mitsui Fudosan’s key strengths in Japan is in mixed-use, place-making development and we are excited to be participating in a project with similar characteristics in such a high-profile part of central London.”
The terms of the joint venture are not disclosed.
More information on the South Molton Triangle can be found here.
About Grosvenor's UK property business
Grosvenor is an international organisation whose activities span urban property, food and agtech, rural estate management and support for philanthropic initiatives.
We are a values-led business which represents the Grosvenor family and share a common purpose - to deliver lasting commercial, social and environmental benefit - addressing today’s needs while taking responsibility for those of future generations.
Our UK property business began in London’s West End, where we now support c11,000 residents, c1,000 businesses and 60,000 workers every day. We also invest in and create sustainable neighbourhoods and properties across England.
As one part of a global, family-owned business we have been pioneering change and new ways of thinking about property and places for over 340 years. Thinking long term allows us to give equal weight to the environmental, social and commercial impact of everything that we do.
About Mitsui Fudosan’s UK property business
Mitsui Fudosan UK is the UK subsidiary of Japan’s largest real estate company, Mitsui Fudosan Co., Ltd. which is headquartered in Tokyo and listed on Tokyo Stock Exchange. Mitsui Fudosan UK is responsible for Mitsui Fudosan Group’s real estate investment and development activities in Europe.
The company is renowned as a pioneer of innovative development schemes and has delivered award-winning developments in various asset types including office, retail, residential and mixed-use schemes globally. Learn more about Mitsui Fudosan here.
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