Global real estate investment firm Hines has secured planning approval from Westminster City Council for refurbishment of a mixed-use project in London, the UK.

The 37,414ft2 eight-storey building, located on Oxford Street in London’s West End, was acquired by Hines on behalf of Hines European Value Fund 2 (HEVF 2) in February last year.

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The work on the project will include transformation of the retail presence at ground and first floor of the building into double-height space to meet the requirements of contemporary retail occupiers.

Designed by Orms Architects, the project will provide 31,000ft2 of total office area with a dedicated, spacious reception area as well as 1,100ft2 of a large communal roof terrace.

The company has also planned to reposition the office entrance on to Dering Street.

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Hines stated that the building will be constructed to achieve BREEAM Excellent certifications and is also aiming for WELL Platinum Ready and Wired & Smart Score Platinum certifications.

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The refurbishment work on the mixed-use retail and office scheme is scheduled to commence this summer and is expected to be completed and will be ready for occupation in the spring of 2023.

Hines UK managing director Jake Walsh said: “We’re pleased to receive planning consent which gives us the green light to proceed with our exciting plans for this development.

“It is probably the best micro-location in London’s West End, with Oxford Street and Bond Street amongst the world’s most iconic and popular retail streets.

“The two-story shop fronts will provide a unique shop window for any global brand in an unparalleled location.”

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Rendering of the new mixed-use retail and office scheme in London, the UK. Credit: Hines.