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Derwent London is pleased to announce that it has been granted planning permission by the Mayor of London for a major mixed use development at 80 Charlotte Street, Fitzrovia W1. The 367,000 sq ft redevelopment will include 336,000 sq ft of office, residential and retail space at 80 Charlotte Street and 31,000 sq ft of residential at nearby 65 Whitfield Street and 1-8 Whitfield Place. In addition, a new public realm park will be created whilst retail units will enhance the ground floor frontage and identity.

The new scheme has been designed by leading architects Make and will be part refurbishment and part new build with a substantial proportion of the existing structures retained thereby cutting waste and carbon emissions whilst reducing the construction period.

80 Charlotte Street is an island site of 1.4 acres that is located in the heart of Fitzrovia. It currently comprises 200,000 sq ft (18,600m2) of out-dated offices which are let to Saatchi & Saatchi until March 2013. The new scheme, with anticipated capital expenditure of circa £125 million, is expected to be delivered towards the end of 2015 and will be a major step in the wider regeneration of the area where the Group’s holdings total over 1.5 million sq ft.

John Burns, Chief Executive at Derwent London, commented: “We are pleased that our 80 Charlotte Street planning application has been approved by the Mayor of London. This is a significant scheme for the Group and gives us the opportunity to transform the existing buildings into high quality offices that will form an exciting new office hub in keeping with the Derwent brand. The park and ground floor retail space will create new life and character to the streets of Fitzrovia and the new residential units, that include affordable housing, will provide a high quality living environment. We look forward to starting on site in 2013.”