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Grosvenor and Derwent London have signed a Memorandum of Understanding to form a partnership to consider the redevelopment of 1-5 Grosvenor Place, London SW1. The site of over 1.5 acres, next to Hyde Park Corner, offers the opportunity to undertake a substantial mixed-use redevelopment, likely to include a luxury hotel, commercial and residential uses.

The existing building is held under long leases by Derwent, with the freehold held by Grosvenor. It comprises mainly offices and extends to 168,000 sq ft with the potential to be increased significantly. Subject to planning consent the redevelopment could commence in 2014.

Giles Clarke, Grosvenor Britain & Ireland’s Executive Director with responsibility for its London estate, said: “We are delighted to work with Derwent London to unlock the potential transformation of this important site which acts as a gateway to Belgravia. The project is a perfect fit for our expertise in mixed-use, and prime central London development, and adds to our growing pipeline in the capital.”

John Burns, Chief Executive at Derwent London, commented: "Signing this Memorandum of Understanding with Grosvenor is an important step forward in the redevelopment of this prestigious Belgravia site. We look forward to working closely with our freeholder in producing a high quality scheme that will bring substantial benefits to the local area."

Derwent London will continue its active asset management role at the site with Grosvenor acting as development manager.