Westminster City Council has approved the redevelopment plans of the former Fenwick department on London’s New Bond Street.
The former flagship building will be partially demolished and reconfigured with five other buildings at the intersection of New Bond Street and Brook Street.
Described as a “high-grade retail and office space”, the lower two levels will become shops, while the second to ninth floors will be office space complete with a roof garden.
Fenwick moved out of the building in February after it sold its 130-year old central London store to investors Lazari for £430m late last year.
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The development will extend the amount of office space from 24,617sq ft to 175,043sq ft from the second to ninth floors and reduce the amount of retail space from 132,310sq ft to 50,504sq ft on the ground and first floors, Property Week reported.
The plans represent a loss of 81,806 sq ft of retail space, as the council reportedly said there was a need to “reconfigure the site to its optimal layout for office use”.
Lazari Investments director Len Lazari said: “Our decision to acquire the Fenwick site was heavily influenced by our love of the architecture and its Mayfair surroundings, together with our belief of the enduring attraction of retail on Bond Street.”
Given the size of the plan, it will require the approval of London mayor Sadiq Khan.
Councillors had expressed concerns over the scale of the proposals, but praised the developer for planning to keep much of the existing building and façade.
In a council planning report, officers wrote: “The proposal will provide an appropriate combination of modern retail and office accommodation that accords with the relevant London Plan and City Plan policies, and is therefore considered to be acceptable.”
Fenwick chairman Simon Calver told The Times the sale was to ensure the business is on a “really strong financial footing and can survive for another 140 years”.
The retailer has used the extra cash to fund a £40m redevelopment of its Newcastle flagship, which will see the building recieve an updated store frontage to the 1880’s building and a modern new canopy and grand central entrance on Northumberland Street.
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