**Terms Agreed For New Headquarters of The Kennel Club**
UK real estate investment trust (REIT) British Land (LON:BLND) announced in a press release on March 22 that it had agreed with The Kennel Club to relocate and develop a new headquarters for the Crufts organiser in Clarges Street,which is close to the Ritz hotel. The real estate firm said that the agreement facilitates its plan to redevelop the entire site to create a landmark mixed-use property scheme in one of the most expensive areas in London.
In July 2012, British Land bought Clarges House and 82-84 Piccadilly in Mayfair, London for £129.6 million from the secretive Latvian Sebba family. Planning consent for redevelopment of the site was originally granted in April 2011.The scheme comprised luxury private residential units, retail area and high quality offices in a separate block, and a new Kennel Club building. Since the purchase of the Mayfair site, British Land has been in talks with The Kennel Club over moving it up the street from its current home at 1-5 Clarges Street, whose freehold is owned by the dog-lovers’ association since 1956, to a new office to be built nearby. According to property industry sources,the new headquarters would be worth at least £1500 a square foot, valuing it at around £15-£20 million.
**Clarges Estate – Trophy Redevelopment Opportunity**
Clarges Estate represents a trophy redevelopment opportunity in the heart of the UK capital which could see luxury flats springing up to rival One Hyde Park.Since British Land’s purchase of the Mayfair site, the REIT has worked with its original architects Squire & Partners to amend and improve the development. Squire & Partners already has planning consent for a scheme that comprises a 100,000-square foot office block over seven storeys, and 24 “super-prime” flats in 70,000 square feet overlooking Green Park. A revised planning application for the well-located development is being submitted shortly, with final consent expected later this year, British Land revealed in its press release.
Tim Roberts, Head of Offices at British Land, said: “We’re excited by the opportunity to redevelop the Clarges Estate and our agreement with The Kennel Club is an important step in realising our ambitions for this landmark site in Mayfair.” He added that following the agreement with The Kennel Club, the REIT is now enabled to redesign the scheme which will enhance British Land’s central London development programme and strengthen further its presence in the West End — one of the most valuable business districts in the capital and in Europe.
**As of 12:34 GMT on March 25, the British Land share price on the London Stock Exchange was 551p – 0.54 percent lower than its last trading session’s closing level. On March 22, the REIT reached a stock value of 556.93p before closing the day at 552p.**