Hermes will sell the 7-8 St James's Square, a prime freehold West End redevelopment site.

The prestigious site is situated in the heart of the principal office district of the West End and is ideally situated for some of the most exclusive shopping, restaurants and hotels that London has to offer.

Full planning consent has been granted for the construction of 70,000 sq ft of new offices and also for the refurbishment of a grade II listed building to provide 12,000 sq ft offices and residential.

The Eric Parry designed scheme is due for completion in summer 2009, when Jones Lang LaSalle is forecasting significant rental growth in the West End office market.

'7-8 St James's Square is the best prime speculative scheme available in this cycle in the West End and represents a unique opportunity to acquire a freehold redevelopment site and to capitalise on the strength of the current market,' said head of West End Investment at Jones Lang LaSalle, who recommended the sale to Hermes, Damian Corbett.

'As well as very limited new office supply under construction, there is very strong demand for increased residential product in this top-end location, and as such, an investor could choose to expand the residential element of the scheme to great reward.' Trade Arabia News Service