British Land acquires Clarges Estate to develop mixed-use scheme

British Land has entered into a corporate agreement to acquire Clarges House, 6/12 Clarges Street and 82/84 Piccadilly in Mayfair, London for £129.6 million ($201 million) to create a mixed-use scheme.

The site is located on Piccadilly overlooking Green Park and is close to the Ritz and Bond Street. The acquisition is expected to complete in November 2012.

Designed by Squire and Partners, the mixed-use project involves 63,000 square feet of private residential units fronting Piccadilly with 7,900 square feet of retail below, 91,000 square feet of high quality offices in a separate block and a new Kennel Club building.

Covering both offices and residential schemes, British Land’s 2.3 million square feet of committed developments comprise: a new 700,000 square feet building for UBS at 5 Broadgate; the Leadenhall building, a 610,000 square feet tower, in London’s insurance district; and a 500,000 square feet mixed-use office and residential scheme in the West End along with a number of stand-alone residential developments.