Property groups Grosvenor and Derwent London have formed a joint venture to redevelop 1-5 Grosvenor Place at London’s Hyde Park Corner. They plant to turn what are currently slightly jaded office buildings amounting to 168,000 sq ft into a massive mixed-use development, to include a luxury hotel, offices and top class apartments.
Derwent London chief executive John Burns said: "We are delighted to have formalised our joint venture with Grosvenor. Having assembled the ownership of this site over many years, this initiative unlocks the opportunity for a substantial redevelopment in one of the best locations in the West End. We look forward to working with the Grosvenor team, with their vast experience in the area."
Giles Clarke, Grosvenor Britain & Ireland's executive director with responsibility for its London estate, said: "Signing this deal with Derwent London means we can now start working up detailed plans for this important site. This is one of the most exciting development opportunities currently available in prime central London." 
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