Grosvenor/Mitsui Fudosan in JV to redevelop London's South Molton Triangle
A key section of London’s South Molton Street is to be the subject of a major multi-million-pound upgrade. The Brook Street-facing South Molton Triangle remodel will be a joint venture between property giants Grosvenor and Mitsui Fudosan UK. The terms of the JV have not been disclosed.
Together they will deliver a sustainable mixed-use development in Mayfair focusing on the 263,000 sq ft North and South blocks of the scheme, delivering a range of retail and F&B outlets at street level together with office space above. Work on the programme begins in 2023, to conclude in 2027.
Grosvenor said it will deliver the other phases of the project, including community, residential and additional retail elements as well as a new 5-star 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 while investing £8 million in a “greener, cleaner, more pedestrian-friendly public realm”.
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 should also generate additional spend in the area, creating over 700 jobs in the completed development.
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.”
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