• 65 Davies Street, W1 to begin construction following handover from TfL
• Investment in recovery continues with a c£1.6 billion development pipeline
• Grosvenor awards first construction contract factoring in Science Based Target

Due for completion in September 2023, the delivery of 65 Davies Street adds to the ongoing transformation of Mayfair and the Oxford Street District.

Grosvenor currently has a c£1.6 billion pipeline of development projects across Mayfair covering 1.7 million sq ft. This includes the recently approved South Molton Triangle, a 2 acre mixed use redevelopment adjacent to the new Bond Street station, set to attract c£6 million of consumer spend per year and secure over 960 permanent jobs.

Anna Bond, Executive Director - Development, Grosvenor Britain & Ireland commented: “Over the last two years we’ve invested heavily in the recovery of the West End and its future resilience aiming to offer residents, workers and visitors the best experience possible.

“The handover of this site and approval of the South Molton Triangle represents huge opportunity to help central London evolve to meet changing demands through a sensitive and sustainable transformation.”

The project will be delivered by Multiplex. Their appointment is Grosvenor Britain & Ireland’s first large construction contract award to take in to account a supplier’s commitment to a Science Based Target.

From 2023, Grosvenor expects to only award contracts over £1 million to suppliers with a Science Based Target, verifying that their commitment to carbon reduction is in line with the most ambitious target of the Paris Agreement – limiting global warming to 1.5^oC.

Callum Tuckett, Managing Director at Multiplex, added: “This is an exciting project to be involved with given its prime location and the impact Crossrail will have on the Bond Street area as well as many others along its route. Our partners at Grosvenor clearly value our long-standing commitment to science-based targets and we are working closely with them and our supply chain on a series of innovative interventions to support decarbonisation at 65 Davies Street.”

Plans are being taken forward for a number of major developments above and around new Elizabeth line stations and Crossrail construction sites, which will create millions of square feet of office, retail and residential space spread across the capital. This forms part of TfL’s broader commercial development programme to use its land to support the economy and tackle the housing crisis, while generating vital revenue to reinvest into the transport network.

Graeme Craig, Director of Commercial Development at TfL, said: “This site, in one of London’s most prominent locations, will provide fantastic new office space, supporting the city’s growth and recovery, and we are pleased to have handed the site over to Grosvenor Britain & Ireland. A key part of our huge development pipeline, the Elizabeth line schemes are directly opening up opportunities for new offices, homes and jobs, and are raising vital revenue to reinvest in London’s transport network.”