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Derwent Wins Approval to Turn Headquarters to Apartments

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Derwent London Plc plans to demolish its own headquarters in the capital’s exclusive Mayfair district and build apartments as residential values in the city center outstrip offices.

The largest real estate investment trust focused on central London won approval late yesterday to raze a building at 25 Savile Row, a street famous for its high-end tailors, and construct 29 apartments on the land. The Westminster borough council voted in favor of the project, subject to a higher affordable-housing payment, at a meeting.